Chapter 4: Transfer of Title to real porpterty Flashcards
Three types of legal descriptions nationally
Meats and bounds
Government survey
Lot and block
Metes And bounds
Uses marker’s steaks and monuments
Most legally acceptable for residential deeds
Metes- distance
Bounds- direction
Four elements of Metes and bounds
Point of beginning
Distance
Direction
Closure
US government rectangular survey
Hey system of measuring properties using imaginary lines
Range and tier
A township is 6 miles x 6 miles each township has 36 sections A section is 640 acres
Two methods for transferring title
Voluntary which is willingly and involuntary which is against Will
Dan does not terminate a sales contract for lease that does terminate and employment agreement
Testate- With Will, passes to the heirs,
Intestate- without a wIll, passes to heirs
Bequest
Legacy
Descent
Beneficiary
Gift of personal property with will
Gift of cash with Will
Gift of real property with a will
Gift of real property without a will
Heir of the will
Different types of wills
Written will
Holographic will
OraI will
Probate
Testator
Executor
Administrator
The legal process of distributing an estate
The person who made the will
For those with the will
For those without a will
Voluntary alienation
Transfer of title with the deed
Involuntary alienation
Foreclosure, adverse possession, eminent domain
Lien foreclosure
Adverse possession
Escheat
Eminent domain
If you don’t pay they can come get your house
One private owner can take property from another private owner, Squatters rights, with reasonable ownership seven years without 20 year. Remember ocean Open continuous exclusive adverse notorious
Transfer property when someone dies without heirs
Right of government to take property for public use but must pay fair and just compensation
Eminent domain
The right of government to take property for public use. They do it by condemnation. It terminates existing leases. Compensation go to tenant
Requirements for valid transfer
Must be in writing
Legal capacity
Identification of parties
Words of conveyance
Property description
Sign by the grantor and excepted and delivered
Deeds
What are the four types
Do you do not have to be notarized to be valid but must be notarized to be recorded
Four types
General warranty deed- Most common
Special warranty deed- Limited deed unlimited promises
Bargain and sale deed-very limited deed. Not used in North
Carolina
Quit claim deed- lowest form of the contains no promises
Special purpose deeds
Gift deed or correction deed Or foreclosure deed or court order deed
North Carolina is an attorney state
This means preparation of deed is practicing law attorneys always conduct closing and give it advice
North Carolina excise tax
$200,000 divided by $500 equals $400 of North Carolina excise tax
One dollar per $500 of value
Marketable title
Title that is reasonably free from unknown claims lanes and defects
North Carolina marketable title act
Create marketable title when ownership has existed for 30 year period of time
Title insurance
Policy ensuring for the buyer and lender that the title is free of defects
Pay one time at closing
Quiet title action
Used an adverse possession cases and an easement cases
Constructive notice
Documents do not have to be notarized or record it to be valid but recording gives them constructive notice
North Carolina Conner act
Requires certain documents in North Carolina to be recorded to be enforceable
Dreamoil
