An absolute sale is a transaction where the ownership of property is transferred to the buyer immediately upon the completion of an agreement between the seller and the buyer.
In real property law, alienation refers to the voluntary transfer of title and possession of real property to another person. This concept is an essential aspect of fee-simple ownership, ensuring the owner's right to dispose of their property, while generally prohibiting unreasonable restraints on alienation.
Attornment refers to a tenant's formal agreement to acknowledge a new owner or landlord of the property as their landlord.
A legal document used to transfer title to property without providing guarantees from the seller on the validity of the title.
The closing date is the specified date on which the seller delivers the deed and the buyer completes payment for the property, finalizing the transfer of ownership.
In real property law, 'convey' refers to the transfer of property from one party to another through a written instrument and other necessary formalities.
Conveyance refers to the act of transferring the title of real estate property from one party to another. This term can also denote the medium or method used to effect such transfer.
Conveyancing is the legal process of transferring property ownership from one person to another. It involves a series of administrative and legal checks to ensure the transaction is legitimate and secure.
The specific date when the donor's full control and ownership of a property or asset is relinquished to the recipient.
A deathbed gift, also known as a gift in contemplation of death, refers to a transfer of property or assets by an individual who is facing imminent death. This transfer is made with the understanding that ownership will only take effect upon the death of the donor. It differs significantly from inter vivos gifts made during one's lifetime.
A deed in lieu of foreclosure is a legal process where a borrower voluntarily transfers the ownership of property to a lender to satisfy a loan that is in default and avoid foreclosure proceedings.
A distribution in kind refers to the transfer of property other than money from an organization to an individual, often in a corporate context where non-cash assets, like automobiles, are distributed to shareholders.
A General Warranty Deed is a legal document used in the transfer of ownership of real property, where the grantor guarantees the grantee a clear title free from any claims or encumbrances, both during and before the grantor's ownership.
Gift causa mortis is a transfer of property made by a person facing impending death to a donee, which becomes effective upon the donor's death but can be revoked if the donor survives.
A gift deed is a legal document used to voluntarily transfer ownership of property from one person (the donor) to another (the donee) out of love and affection, without any material consideration involved.
A gift inter vivos refers to the transfer of property from a donor to a donee during the donor's lifetime, made without any consideration or compensation. The donor thereby relinquishes all control or ownership over the gifted property.
A grant can serve as both a term used in property conveyances or as financial assistance provided by government bodies or private foundations to fund projects deemed in the public interest.
Incident of ownership refers to an element of ownership or degree of control over property, which can impact the tax treatment of transferred property, especially in the context of estate taxes.
An inter vivos transfer refers to the transfer of property or an interest in property during a person's lifetime. This term is derived from Latin, meaning 'between the living.' It is commonly used in estate planning and tax contexts to differentiate such transfers from those occurring after death.
Lifetime gifts are a strategic and effective vehicle for transfer in estate planning. They eliminate all probate and administration expenses on the property transferred, providing financial benefits and simplicity for estate management.
A Limited Occupancy Agreement allows a prospective buyer to take possession of real estate before official closing and transfer of ownership.
A Nonmerchantable Title, also known as a dysfunctional or defective title, refers to a property title with significant defects or encumbrances that prevent its clear transfer from one owner to another. These defects can significantly lower the property's market value and complicate transactions.
A Quitclaim Deed is a legal instrument that conveys only the right, title, or interest that the grantor currently has in a property, without guaranteeing that the grantor actually has any specific title or interest in the property. The grantor, under a Quitclaim Deed, releases whatever interest they may have to the grantee.
Real estate closing, also known as settlement or completion, is the process where the ownership of property is transferred from the seller to the buyer. It involves the finalization of all contracts and financial arrangements, the signing of relevant documents, and the transfer of funds.
Revocable transfers are property transfers that can be rescinded or revoked by the transferor, resulting in the property being included in the transferor's gross estate upon death.
Settlement costs, also known as closing costs, refer to the expenses and fees associated with the finalization of a real estate transaction. These costs can include a range of payments required to transfer ownership from the seller to the buyer.
A voluntary conveyance refers to the sale or transfer of property done willingly by the owner, without any form of external compulsion or legal coercion. It stands in contrast to involuntary acts such as condemnation or eminent domain.
