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Affidavit of Death JT – When title is taken as joint tenants and one spouse dies, the surviving spouse automatically receives the property. electricity history pdf This is called a right of survivorship. Although the property does not go through any probate proceedings, the surviving spouse must still file an affidavit of death of join tenant to remove the deceased’s name from the deed.

Bargain And Sale Deed – A form of deed that, because of its historical origins, contains the operative words "bargains and sells" or "bargains, sells, and confirms," thus evidencing an intent to effect a present conveyance of the title, or the interest in land, that the deed purports to convey. electricity usage Frequently a bargain and sale deed will be resorted to in lieu of a quitclaim deed, in which case the customary covenants of title are not added to the deed. also called "Fee Simple Deed." A deed of conveyance which presumes that the grantor holds title, but which makes no warranty with respect to the title.

Bargain Sale Deed – Sale of land or interests in land (easement) at a price below its appraised market value. The donated value may allow the seller tax benefits as a return on investment, and as an alternative to taxable sales (balance pre-tax compensation against post-tax compensation) while reducing the cost to the public agency or private nonprofit acquiring the land.

Certificate of Title – Document issued by Registrar of Titles for real estate registered under the Torrens System, which is considered conclusive evidence of the present ownership and state of the title to the property described therein. gas bijoux nolita Today Torrens exists in nine states: Minnesota, Massachusetts, Colorado, Georgia, Hawaii, New York, North Carolina, Ohio and Washington.

Conservator’s Deed – When duly executed, a Conservator’s Deed has the force and effect of conveying to the grantee the fee simple title of an incapable person or such conservator upon an ordert of a court of probate authorizing and directing the convservator to sell at private sale the real estate owned by the incapable person, with covenants that (1) the conservator has full power and authority as such to sell and convey the same to the grantee and (2) he and his successors shall warrant and defend the granted premises against all claims and demands of any person or persons claiming by and under such conservator.

Fiduciary Deed – A fiduciary deed is used to transfer real estate from a grantor who is a fiduciary – one who is put in a position of trust – to include executors, administrators, trustees, guardians, receivers, or commissioners. Generally, the fiduciary warrants only that he or she is duly appointed and acting within his or her authority.

Foreclosure – This is when a borrower of money has used property as the collateral for a loan, and has defaulted on paying back the loan. electricity kwh cost calculator The property is foreclosed upon and when the foreclosure proceedings have finished, a deed/referees deed/trustees deed is recorded to remove that borrower from title to the property and give it to another.

Mechanic’s or Material Lien – A lien on real property, created by statue in many years, in favor of persons supplying labor or materials for a building or structure for the value of labor or materials supplied by them. In some jurisdictions, a mechanics lien also exists for the value of professional services. bp gas prices ny Clear title to the property cannot be obtained until the claim for the labor, materials, or professional services is settled. Timely filing is essential to support the encumbrance, and prescribed filing dates vary by jurisdiction.

Life Estate – A life estate is created to protect a person’s right to live on a piece of property and receive income generated by the property. grade 9 electricity unit test answers At the person’s death, the property held in the life estate passes to another person. For example, an owner may want to give his property to a friend or to his children, but he may want to live on the property until his death; by creating a life estate, he would deed the property to the intended recipient, reserving a life estate until the time of death.

Sole Owner – A person who owns property solely in his name owns all rights to the property. That person can use it, rent it, sell it, or give itaway. A sole owner transfers property upon death by a will, trust, or beneficiary deed. If no one has been designated to receive the property, the property passes to the sole owner’s legal heirs upon death. o goshi judo Examples: Single person, Unmarried man or woman, Married as sole and separate.)

Tenancy in the Entirety – some states have a special form of joint tenancy when the joint tenants are husband and wife — with each owning one-half. Neither spouse can sell the property without the consent of the other. Words in the deed such as "John and Mary, husband and wife as tenancy in the entirety" establishes title in tenancy by the entireties.

Hula Mae (Hawaii Only) – Hula Mae is an innovative mortgage loan program created by the Hawaii State Legislature in 1979 for families of low and moderate income. Through the sale of tax-exempt revenue bonds, the Hula Mae Program provides eligible home buyers with mortgage loans at interest rates below those available on conventional loans.