Chapter 4: Transfer of Title to real porpterty Flashcards Preview

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Flashcards in Chapter 4: Transfer of Title to real porpterty Deck (24):
1

Three types of legal descriptions nationally

Meats and bounds

Government survey

Lot and block

2

Metes And bounds

Uses marker’s steaks and monuments

Most legally acceptable for residential deeds

Metes- distance
Bounds- direction

3

Four elements of Metes and bounds

Point of beginning

Distance

Direction

Closure

4

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

5

Two methods for transferring title

Voluntary which is willingly and involuntary which is against Will

6

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

7

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

8

Different types of wills

Written will

Holographic will

OraI will

9

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

10

Voluntary alienation

Transfer of title with the deed

11

Involuntary alienation

Foreclosure, adverse possession, eminent domain

12

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

13

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

14

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

15

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

16

Special purpose deeds

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

17

North Carolina is an attorney state

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

18

North Carolina excise tax

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

One dollar per $500 of value

19

Marketable title

Title that is reasonably free from unknown claims lanes and defects

20

North Carolina marketable title act

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

21

Title insurance

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

Pay one time at closing

22

Quiet title action

Used an adverse possession cases and an easement cases

23

Constructive notice

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

24

North Carolina Conner act

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

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