Key Terms - Chapter 4 Flashcards
acknowledgement
the grantor must appear before a public officer, such as a notary public, and state that the signing of the deed and was a voluntary act
adverse possession
a method of acquiring title to real property by conforming to statutory requirement
beneficiary
the recipient of a gift of personal property by will
bequest
a gift of personal property by will
bounds
direction from point to point
chain of title
refers to successive conveyances of title to a piece of land
cloud on a title
when someone has a possible claim against a title
color of title
exists when someone has a document (such as a will, a deed, or a divorce decree) that appears to give him or her title to the property but actually does not
condemnation
the process to take the property through eminent domain
Conner Act
certain real estate documents are not valid against third parties until recorded, creating the need of protection
the first to record wins, NC is a “race state”
constructive notice
all the world is bound by knowledge of the existence of the conveyance of title
covenant against encumbrances
the grantor is assuring the grantee that there are no encumbrances against the title except those of record
covenant of quiet enjoyment
an assurance by the grantor to the grantee that the grantee shall have a quiet possession and enjoyment of the property being conveyed and that the grantee will not be disturbed in the use and enjoyment of the property because of a defect in the title being conveyed
covenant of right to convey
the grantor provides an assurance to the grantee that the grantor has legal capacity to convey the title and also has the title to convey
covenant of seisin
provides an assurance to the grantees that the grantors hold the title that they specify in the deed that they are conveying
covenant of warranty
provides that the grantor will warrant and defend the title to the grantee against the lawful claims of all persons
deed
a written instrument that transfers an interest in real property when delivered to and voluntarily accepted by the grantee
descent
when a person dies intestate the property is distributed by descent according to laws called intestate succession statutes
devise
a gift of real property by will
devisee
the recipient of real property by will
eminent domain
a governments right to purchase property for the benefit of the general public
excise tax
a tax the grantor pays based on the purchase price
$1 per any part of $500 of sales price
executor
a person appointed in a will to carry out the provisions of that will
executrix
a person appointed in a will to carry out the provisions of that will
foreclosure
conducted without the consent of the property owner who incurred the debt that resulted in a lien
government rectangular survey system
the land description method used throughout the United States but not within North Carolina or any of the original 13 colonies
grantee
receives the property
grantor
conveys or gives the title
intestate
to die without a will
judicial deed
executed by the official authorized by the court to conduct the sale and transfer the title.
legal description
Any method that enables a surveyor or civil engineer to locate property with certainty
metes and bounds
government rectangular survey system
description by reference
lien foreclosure sale
the transfer of real property against the owner’s wishes
Marketable Title Act
aims to extinguish old defects in the title by providing that if a chain of title can be established for 30 years without conflicts, claims outside this chain are extinguished
meridian
north south lines in the rectangular survey system
plat
a property map
point of beginning
should be a point that is reasonably easy to locate and tied to a reference point that is well established
section
1 square mile in rectangular survey system
= 640 acres
special warranty deed
the warranty is limited to claims against the title arising out of the period of ownership of the grantor
Statute of Frauds
a law in affect in all states requiring that every deed must be written to be valid
suit to quiet title
must satisfy the court that they have fulfilled the requirements of the adverse possession statute in the particular state
testate
when a person dies and leaves a valid will
testator
a deceased person with a will
testatrix
a deceased person with a will
title examination
concerned only with recorded documents on the public record
title insurance
an indemnity contract that protects the purchaser or mortgage against loss resulting from a defect in title that is covered in the policy and is in existence when the policy becomes effective
township
6 x 6 mile square in rectangular survey system
will
legal instrument designed to dispose of a decedent’s property according to their wishes
words of conveyance
words demonstrating that it is the grantor’s intention to transfer the title to the named grantee
