Section 4 - Transfer of Title to Real Property Flashcards
Legal description
Method of identifying property in written words that allows for unambiguous interpretation of a property’s boundaries and location
Informal reference
Like street address, not for legal purposes
Survey
Blueprint or map showing measurements, boundaries and area of property
Metes and bounds
Using points of reference and directional indicators, for legal purpose
Lot and Block
Legal description using lot and block numbers–recorded subdivision plat
Rectangular government survey system
Describes land in reference to principal meridians and baselines
Monument System
Using natural or man-made permanent land marks in conjunction with metes and bounds
Point of Beginning
Beginning point of metes and bounds description
Plat map
Shows location in context to adjoining lots, roads and landmarks. Includes lot, street and block
Township
A square that is 6 miles by 6 miles (36 square miles) makes up government survey system.
Sections
A portion of township is 1 square mile (640 acres), 36 make up a township
Principal meridian
Imaginary line that runs north and south and crosses a baseline at a specific point (rectangular survey system)
Baseline
Imaginary line that runs East West and crosses principal meridian at a certain point (rectangular)
Deed
Legal document conveying title or interest in real estate. Establishes legal ownership
Grantor
The giver of the deed (usually seller)
Grentee
Recipient of deed (usually the buyer)
Covenants
An agreement or promise made between parties
General warranty deed
Gives most protection to buyer, carries all possible covenants AKA full covenant/warranty deeds
Special warranty deed
Grantor only guarantees title against defects arising during grantor’s ownership, not prior AKA Limited Warranty Deed/Bargain and Sale
Quitclaim Deed
Offers no warranties, only releases prior owners claims to property
Executor’s deed
Conveys real property from descendant’s estate to a buyer
Sheriff’s deed
No covenants or warranties, but implies ownership (bankruptcies and foreclosures)
Beneficiary deed
Transfers ownership from descendant to beneficiary upon descendant’s death. Recorded prior to death. Avoids probate.
Trustee’s deed
Executed by a trustee that conveys land held in a trust.
Deed of release
Deed used when mortgage paid off, removes lien
Deed of gift
Conveys property without consideration
Alienation
Transfer of real property away from one party to party
Voluntary alienation
Loss of real property ownership with owner’s consent (sale)
Involuntary alientation
Transfer of ownership without consent (foreclosure)
Will
Written document detailing disposition of assets and other wishes after death, signed by testator
Descent
Title transference from descendant to heir
Escheat
State’s power to claim estate of deceased person with no will heirs or creditors
Eminent domain
Government can take private property for public use
Adverse possession
A person visibly possesses another’s real property for statutory length of time and claims as own, openly hostile to another’s ownership claim
Testate
Dying with a will in place
Intestate
Dying without a will
Devisee
A person who inherits property from a will
Beneficiary
Person entitled to benefit of a trust arrangement
Devise
To leave something to someone in a will
Bequest
Personal property that is willed
Heirs
Successors who will inherit the property of another including intestate successors
Condemnation
Taking of property by eminent domain
Constructive notice
Public recordation of an event (you could have known if you’d bothered to look it up)
Actual notice
Express notice given directly to a person
Evidence of title
Proof of property ownership, usually a deed
Marketable title
Title reasonably free and clear of encumbrances so average buyer wouldn’t hesitate
Title committment
Document outlining that Title insurance policy will be issues to buyer provided certain conditions met (liens paid off)
Abstract of title
Condensed history of a title, summary of all links in chain, other public record matters, legal description of property, summary of every related document in chronological order
Title search
To determine marketable title and find any deficiencies in title
Marketable Title Act (NC)
Act providing if a seller can prove an unbroken chain of title for 30 years (marketable)
Chain of title
Title history/path and proof of ownership through public records search, title encumbrances. Each owner equals a link.
Title opinion
Attorney’s interpretation of a title search
Quiet title
Court action to remove a cloud on a title
Torrens system
Optional/alternative title search, used in a handful of states, only goes back to previous search assuming it was done properly
Excise tax
Tax applied upon a recordation of a transfer of ownership of real property
