Vocab – Lesson 2

LESSON 2

All these terms have to do with people; whether it is how you took title or are taking title, or maybe how it was given to you by way of a will or trust.

 1. Administrator

– A person appointed by a probate court to settle the affairs of an individual that has died without a will. The term is “administratrix” if such a person is a woman.

2. Executor

– A person appointed by the probate court to carry out the terms of the will. The term is “executrix” if that person is a woman.

3. Grantee

– A person who acquires an interest in land by deed, grant, or other written instrument.

4. Grantor

– A person, who, by a written instrument, transfers to another an interest in land.

5. Guardian

– One appointed by the court to administer the affairs of an individual not capable of administering his or her own affairs.

6. Heir

– One who might inherit or succeed to an interest in land of an individual who dies without leaving a will (intestate).

7. Joint Tenancy

– An estate where two or more persons hold real estate jointly for life. The survivor(s) take the entire interest in the death of one of the joint tenants.

8. Life Estate

– A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

9. Personal Representative

– A person appointed by the probate court to administer a decedent’s estate.

10. Tenancy by the Entirety

– Ownership by married persons in which each owns the entire estate. The survivor takes the whole upon the others death.

11. Tenancy in Common

– An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but

without any right of succession by survivorship between the owners.

12. Trust

– A property right held by one as a fiduciary for the benefit of another.

13. Trustee

– A person holding property in trust as a fiduciary for the benefit of another.

Look for lesson 3 ……did you really think that is all we had???

Call us for any of your title needs or questions 239-415-6574!!

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Posted on June 22, 2012, in Title and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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