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Chapter 5

Transfer of Title to Real Property

TermDefinition
Abstract of title 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 complet
Adverse Possession The open, continuous, exclusive, adverse, notorious, (OCEAN) 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
Alienation clause This clause prevents the borrower from letting someone else assume the debt without the lender's approval. See due -on-sale clause
American Land Title Association (ALTA) POLICY A Title insurance policy that protects the interest in a collateral property of a mortgage lender that originates a new real estate loan
Bargain and sale deed 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
Chain of title The succession of title conveyances, from some accepted starting point, whereby the present holder of real property derives title
Cloud on title Any document , claim unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually reveled by a title search and removed by either a quitclaim deed or suit to quiet title
Condemnation A judicial or an administered proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and justly compensates the owner
Conner Act 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
Constructive notice 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
Covenant 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 deed
Deed A written instrument that, when executed and delivered, conveys title to or interest in real estate; evidence of title
Delivery and acceptance The actual delivery of a deed by a grantor and actual or implied acceptance of the deed by the grantee; recordation of the deed is viewed as acceptance
Eminent domain 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
Escheat The reversion of properly 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
Excise tax 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
General warranty deed 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 tranfers, a general warranty deed offers the greatest protection to the grantee of deed
Grantee A person who receives a conveyance of real property from a grantor
Granting clause "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, grant, bargain and sell, or the like
Grantor "(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 trust or
Intestate "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
Marketable title "A good or clear title, reasonably free from the risk of litigation over possible defects
Marketable Title Act 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
North Carolina Intestate Succession Act The state law of descent that dictates distribution of the real and personal property of the deceased that died without a will (intestate)
Quitclaim Deed 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
Recording "The act of entering or recording documents into the public record at the recorder's office established in each county. Until recorded, a deed or mortgage ordinarily is not effective against third parties, such as subsequent purchasers or mortgagees
Special warranty deed "A deed in which the grantor only warrants, or guarantees, the title against defects arising during the period of the grantor's tenure and ownership of the property and not against defects existing before that time, generally using the language by, throug
Title (1) The right to or ownership of land. (2) The evidence of ownership of land
Title insurance "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
Title search "The search of public records to determine the current state of ownership of real estate; examining chain of title
Will "A written document, properly witnessed providing for the transfer of title to property owned by the decease
Created by: feefee830