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Ch. 4

Vocab: Transfer of Title to Real Property

TermDefinition
Acknowledgement A formal statement before an authorized official (e.g. notary public) by a person who executed a deed, contract, or other document that it was (is) his/her free act.
Testate To have died leaving a valid will.
Testator A man who has died and left a valid will.
Testatrix A woman who has died and left a valid will.
Title Examination A search of the public record to determine the quality of a title to real property.
Title Insurance An insurance policy protecting the insured from a financial loss caused by a defect in a title to real property.
Adverse Possession Occupant's right to acquire legal title to private property held by title holder by deed if occupant holds land openly, notoriously, adversely and without permission for 20 years; also known as squatter's rights.
Beneficiary The recipient of a gift of personal property by will.
Bequest A gift of personal property by will.
Bounds The directions from one point to another in the legal description of real property.
Metes The distances from point to point in the legal description of real property.
Chain of Title The successive conveyances of title to a particular parcel of land.
Cloud on title 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.
Quitclaim Deed Contains no warranties whatsoever but is simply a deed of release. It releases/conveys to the grantee any interest, including title, that the grantor may have. Deed with the least amount of protection against title defects.
Color of Title When someone has a document (like a will, deed, or divorce decree) that appears to give him/her title to the property but actually does not.
Condemnation The exercise of the power of eminent domain. The taking of private property for public use by paying fair compensation.
Conner Act Requires certain documents (e.g. deeds, purchase contracts, and leases over 3 years) to be recorded to be enforceable against third parties.
Constructive Notice Notice given to world by recording of documents; These facts(public record) are considered known to everyone, even though he/she hasn't truly been notified of fact. Everyone is bound by this knowledge. Possession of property also classifies as this.
Covenant Against Encumbrances A promise in a deed that there are no encumbrances against the title except those set forth in deed. Encumbrance= claim, lien, or liability attached to and binding upon real property.
Encumbrance a claim, lien, or liability attached to and binding upon real property.
Covenant of Quiet Enjoyment A promise in a deed (or lease) that the grantee (or lessee) will not be disturbed in his or her use of the property because of a defect in the grantor's (or lessor's) title.
Covenant of Right to Convey A promise in a deed that the grantor has the legal capacity to convey the title.
Covenant of Seisin A promise in a deed assuring the grantee that the grantor has/owns the title being conveyed. Having both title and possession.
Covenant of Warranty A promise in a deed that the grantor will guarantee and defend the title against lawful claimants.
Deed A written instrument that transfers and interest in real property when signed by grantor and delivered to the grantee.
Descent The distribution of property of one who has died intestate (died with no valid will) to legally qualified heirs.
Devise A gift of real property by will.
Eminent Domain The power of the government to take private property for public use.
Excise Tax A state tax that a grantor must affix to a deed. It provides a rough indication of purchase price and is valuable data source for the broker's records. Also known as revenue stamps.
Executor A man appointed in a will to see that the terms of the will are carried out.
Executrix A woman appointed in a will to see that the terms of the will are carried out.
Foreclosure The legal procedure in which the lender sells the collateral in order to pay off the existing loan in the event of default by borrower. The process used to terminate the borrower's equity, or right, of redemption.
Government Rectangular Survey System Type of land description by townships & sections. Based on checkerboard of townships made up of base lines (E+W) and principal meridians (N+S). *Township=6 mi. sq. (36 sq. miles) *Section = 1 mi. sq., (1 sq. mi) *Section=640 acre *Acre=43,640 sq. ft.
Grantee One who receives title to real property by deed. "ee" = "receives"
Grantor One who conveys title to real property by deed. "or" = "gives"
Intestate A person who has died without leaving a valid will.
Judicial Deed A deed executed by an official with court authorization.
Legal Description A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address, property can't be legally described as just 123 Smith Street.)
Lien Foreclosure Sale A sale of real property at public auction to satisfy a specific or general lien against the property. These sales do not have the consent of the owner/debtor, and title is typically conveyed by trustee's deed.
Marketable Title Act NC legislation designed to extinguish old defects in the title by providing when chain of title can be traced back for 30 yrs. without conflicts, claims outside this title are extinguished (and it becomes a title). This Act has exceptions.
(Principal) Meridian, Base In the government rectangular survey system, which is based upon the longitude and latitude lines, the country is divided by north-south lines called ___________ lines and by east-west lines called _______ lines.
Section An area of land described by the rectangular survey system consisting of 640 acres and being 1 mile square.
Special Warranty Deed A deed containing a limited warranty of title limited to the time the seller owned the property. Warrants only grantor held good title during his/her ownership (free of defects/encumbrances made by grantor). Doesn't warrant previous owner's title defects.
Statute of Frauds A law in effect in ALL states requiring certain contracts to be in writing to be valid.
The 3 types of Legal Land Descriptions Nationally 1. Metes & Bounds (used in NC) 2. Government Survey 3. Lot & Block
The 4 Elements of Metes & Bounds 1. Point of beginning 2. Distance 3. Direction 4. Closure
Land Descriptions Used in NC 1. Metes & Bounds 2. References to recorded deeds. 3. References to recording plats (maps). *In NC, (government rectangular) surveys are not required, but are always a good idea. NC = metes & bounds state.
Suit to Quiet Title A suit brought before the court to eliminate a cloud on a title or to establish title (i.e., in an adverse possession claim).
Township A unit pertaining to the Government Rectangular Survey System that measures 6 miles square and is divided into 36 equal parcels that are 1 mile squares called sections.
Will The legal instrument to dispose of a deceased's property according to his/her instruments.
Words of Conveyance Wording in a deed ("Does hereby grant, bargain, sell, and convey"). These words in the deed demonstrate: 1. the definite intention to convey a particular title to real property to a named grantee. 2. determines type of deed
Devisee The recipient of a gift of real property by will.
Testate To have died leaving a valid will.
Testator A man who has died and left a valid will.
Testatrix A woman who has died and left a valid will.
Title Examination A search of the public record to determine the quality of a title to real property.
Title Insurance An insurance policy protecting the insured from a financial loss caused by defect in a title to real property.
Administrator/Adminstratrix Without a will,;person appointed by court to administer the estate of one who has died intestate.
Executor/Executrix With a will; person appointed by court to administer the estate of one who has died testate.
Created by: laurenk1996
 

 



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