Chapter 5: Transfer of Title to Real Property Flashcards

1
Q

abstract of title

A

The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

action to quiet title

A

A lawsuit brought in a court in order to establish a party’s title to real property and to “quiet” any challenges or claims to the title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

adverse possession

A

The open, continuous, exclusive, adverse, notorious possession of another’s land under a claim of title. Possession for a statutory period of 20 years in North Carolina may be a means of acquiring title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

alienation

A

The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

American Land Title Association (ALTA)

A

A title insurance policy that protects the interest in a collateral property of a mortgage lender that originates a new real estate loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

bargain and sale deed

A

A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his discretion.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

chain of title

A

The succession of title conveyances, from some accepted starting point, whereby the present holder of real property derives title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

cloud on the title

A

Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

condemnation

A

A judicial or an administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and justly compensates the owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Connor Act

A

A North Carolina law that requires many types of real estate documents to be recorded for protection against claims from third parties. These documents include deeds, mortgages, purchase contracts, installment land contracts, assignments, options, leases exceeding three years, easements, and restrictive covenants; a pure race statute.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

constructive notice

A

The notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

covenant

A

A written agreement between two or more parties in which a party or parties pledge to perform or not perform specified acts with regard to property; usually found in such real estate documents as deeds, mortgages, leases, and contracts for deeds.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

deed

A

A written instrument that, when executed and delivered, conveys title to or interest in real estate; evidence of title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

delivery and acceptance

A

The actual delivery of a deed by a grantor and the actual or implied acceptance of the deed by the grantee; recordation of the deed is viewed as acceptance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

eminent domain

A

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines fair compensation to be paid to the owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

escheat

A

The reversion of property to the state, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting or when the property is abandoned.

17
Q

excise tax

A

Deed transfer tax paid by the seller and required to be noted on a deed by state law; the rate is $1 per $500 of sales price.

18
Q

general warranty deed

A

A deed in which the grantor fully warrants good clear title to the premises through four covenants in the deed. Used in most real estate deed transfers, a general warranty deed offers the greatest protection to the grantee of any deed.

19
Q

grantee

A

A person who receives a conveyance of real property from a grantor.

20
Q

grantor

A

(1) The property owner that is transferring title to or an interest in real property to a grantee.
(2) A borrower in a deed of trust loan transaction; also called trustor.

21
Q

granting clause

A

Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as convey and warrant, grant, bargain and sell, or the like.

22
Q

intestate

A

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs as provided in the state law of descent.

23
Q

testate

A

Having made and left a valid will.

24
Q

marketable title

A

A good or clear title, reasonably free from the risk of litigation over possible defects.

25
Q

material fact

A

Any fact that is important or relevant to the issue at hand; mandatory disclosure by all agents in a transaction to all parties of the transaction.

26
Q

Marketable Title Act

A

The act is designed to eliminate obsolete defects in a chain of title. If a chain of title can be traced back for 30 years without a problem, it becomes a marketable title.

27
Q

North Carolina Intestate Succession Act

A

The state law of descent that dictates distribution of the real and personal property of the deceased that died without a will (intestate).

28
Q

quitclaim deed

A

A conveyance by which the grantor transfers interest in the real estate, if any, without warranties or obligations; frequently used to remove clouds on the title

29
Q

recording

A

The act of entering or recording documents into the public record at the recorders office established in each county. Until recorded, a deed or mortgage ordinarily is not effective against their parties, such as subsequent purchases or mortgagees.

30
Q

special warranty deed

A

A deed in which the grantor only warrants, or guarantees, the title against defects arising during the grantor’s tenure and ownership of the property and not against defects existing before that time, generally using the language by, through, or under the grantor but not otherwise

31
Q

title

A

(1) The right to convey ownership of land.

(2) The evidence of ownership of land.

32
Q

title insurance

A

A policy insuring the owner and/or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.

33
Q

title search

A

The search of public records to determine the current state of ownership of real estate; examining chain of title

34
Q

will

A

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased.

35
Q

quiet title

A

A court action to remove a cloud on the title.