Chapter 4: Transfer of Title to real porpterty

Question 1

Three types of legal descriptions nationally

Answer 1

Meats and bounds

Government survey

Lot and block

Question 2

Metes And bounds

Answer 2

Uses marker’s steaks and monuments

Most legally acceptable for residential deeds

Metes- distance
Bounds- direction

Question 3

Four elements of Metes and bounds

Answer 3

Point of beginning

Distance

Direction

Closure

Question 4

US government rectangular survey

Answer 4

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

Question 5

Two methods for transferring title

Answer 5

Voluntary which is willingly and involuntary which is against Will

Question 6

Dan does not terminate a sales contract for lease that does terminate and employment agreement

Answer 6

Testate- With Will, passes to the heirs,

Intestate- without a wIll, passes to heirs

Question 7

Bequest

Legacy

Descent

Beneficiary

Answer 7

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

Question 8

Different types of wills

Answer 8

Written will

Holographic will

OraI will

Question 9

Probate

Testator

Executor

Administrator

Answer 9

The legal process of distributing an estate

The person who made the will

For those with the will

For those without a will

Question 10

Voluntary alienation

Answer 10

Transfer of title with the deed

Question 11

Involuntary alienation

Answer 11

Foreclosure, adverse possession, eminent domain

Question 12

Lien foreclosure

Adverse possession

Escheat

Eminent domain

Answer 12

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

Question 13

Eminent domain

Answer 13

The right of government to take property for public use. They do it by condemnation. It terminates existing leases. Compensation go to tenant

Question 14

Requirements for valid transfer

Answer 14

Must be in writing

Legal capacity

Identification of parties

Words of conveyance

Property description

Sign by the grantor and excepted and delivered

Question 15

Deeds

What are the four types

Answer 15

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

Question 16

Special purpose deeds

Answer 16

Gift deed or correction deed Or foreclosure deed or court order deed

Question 17

North Carolina is an attorney state

Answer 17

This means preparation of deed is practicing law attorneys always conduct closing and give it advice

Question 18

North Carolina excise tax

Answer 18

$200,000 divided by $500 equals $400 of North Carolina excise tax

One dollar per $500 of value

Question 19

Marketable title

Answer 19

Title that is reasonably free from unknown claims lanes and defects

Question 20

North Carolina marketable title act

Answer 20

Create marketable title when ownership has existed for 30 year period of time

Question 21

Title insurance

Answer 21

Policy ensuring for the buyer and lender that the title is free of defects

Pay one time at closing

Question 22

Quiet title action

Answer 22

Used an adverse possession cases and an easement cases

Question 23

Constructive notice

Answer 23

Documents do not have to be notarized or record it to be valid but recording gives them constructive notice

Question 24

North Carolina Conner act

Answer 24

Requires certain documents in North Carolina to be recorded to be enforceable

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