5 Transferring Title Flashcards
What is a title?
The documentary evidence of the right of ownership such as a deed
What is a deed?
A written instrument that went executed and delivered conveys title to or interest in real estate; evidence of title.
What are the 4 methods of transferring title?
- By descent
- By will
- By voluntary alienation
- By involuntary alienation
What are 4 types of transfer of title by involuntary alienation?
- Lien foreclosure sale
- Adverse possession
- Escheat
- Eminent domain
What is escheat?
When a person dies without a will and leaves no heirs, the title to that persons real estate passes to the state.
What is the highest and best type of deed?
General warranty deed.
What are the most commonly used types of deeds in NC?
- General warranty deed
- Special warranty deed
- Quitclaim deed
What is another name for special warranty deed?
Limited warranty deed
What are 2 warranties of special warranty deeds?
- Warranty that Grantor receives title.
2. Warranty that title is free of encumbrances.
What type of deed in which grantor and makes no promise about quality of title?
Quitclaim deed
What protects the purchaser in Mortgagee from losses due to title defects?
Title insurance
What is title assurance?
Making sure the title is clean
What are five qualifications for adverse possession? (OCEAN)
- Open
- Continuous
- Exclusive
- Adverse
- Notorious
What is NC excise tax?
Deed transfer tax paid by the seller.
How to calculate NC excise tax?
$1 for every $500
Sale price / 500
What is the statutory period for adverse possession without color of title?
20 years
What is the statutory. For adverse possession with color of title?
7 years
What is abstract of title?
The condensed history of a title. 
Which type of deed implies but there’s not specifically warrant that the grantor holds good title to the property?
Bargain and sale
What is the NC Connor act?
A state law that that requires all conveyances of interest in real property to be recorded to be effective against claims by third parties. 
What is the Torrens System?
A legal registration system used to verify ownership and encumbrances similar to the registration of ship titles
What does the person who examines the chain of title and prepares an opinion of title for a parcel of real estate do?
Write a brief history of the record of ownership of the property
Instruments affecting real estate are recorded in the public records of the county where the property is located because…
Recording gives constructive notice to the world of the rights and interest in a particular parcel of real estate.
