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Chapters 3-4

Taxation/Assessment and Transfer of Title to RP

QuestionAnswer
Acknowledgment A statement made by by a grantor before a public officer eligible to take such statement that the signing of a deed is done by the grantor voluntarily.
Ad valorem L. ,"According to value" (lit. "at value"). Property in NC is taxed at true market value.
Adverse possession OCEAN: Open, Conspicuous, Exclusive, Adverse, Notorious. Claimant has burden of proof. A method of obtaining title to real property by conforming to statutory requirement.
Appraisal The process of determining a market value.
Assessed value (AV) The value placed upon property for purposes of taxation.
Assessment The process of determining the value of a property for taxation purposes.
Beneficiary The recipient of real property by testate succession.
Bequest A gift of personal property by testate succession.
Bounds Directions from one point to another in the metes and bounds property description.
Chain of title The successive conveyances of title to a particular parcel of land.
Cloud on a title A claim against a title to real property.
Color of title Considered a defective claim to a title. Exists when someone has a document which appears to convey title to real property but does not in fact do so.
Condemnation The taking of private property by the right of eminent domain.
Conner Act Provides that certain real estate documents are not valid against third parties until recorded. (DREAMOIL)
Constructive notice Provided by recording/recordation. With regard to title, all the world is bound by knowledge of the existence of the conveyance of title.
Covenant against encumbrances The grantor assures the grantee that there are no encumbrances against the title except those of record.
Covenant of quiet enjoyment The grantor assures the grantee the right to use and enjoy the property being conveyed without disturbance because of a title defect.
Covenant of right to convey The grantor assures the grantee that they have the right to convey title.
Covenant of seisin The grantor assures the grantee that s/he holds title specified in the deed by which they convey title to the grantee.
Covenant of warranty The grantor "will warranty and defend the title to the grantee against the lawful claims of all persons whomsoever."
Deed A legal document used to convey title to real property.
Descent The process of property distribution according to intestate succession statutes by a person designated by the court (administrator/administratrix).
Devise A gift of real property by testate succession.
Eminent domain The governmental right to take private property for public use. Fair compensation must be provided.
Executor/Executrix A person appointed by will to carry out the provisoins of that will. "-or" is male, "-rix" is female.
Foreclosure The legal procedure in which the lender sells the collateral to pay off the existing loan in the event of default by the borrower. Used to terminate the borrower's equity, or right, of redemption.
Governmental Rectangular Survey System (GRSS) The land description used throughout the US but not within North Carolina or any of the original thirteen colonies.
Grantee The party receiving title
Grantor The party conveying title
Intestate Without a will
Judicial deed Executed by a court-authorized official to conduct the sale and transfer the title to real property.
Legal description Description of land recognized b y law.
Lien foreclosure sale A public auction held to satisfy a specific or general lien against real property. Conducted without the consent of the property owner who incurred the debt resulting in the lien.
Market value A 100% assessment. Determined in NC at least once every eight years (octennial reappraisal).
Marketable Title Act Aims to extinguish old title defects by provided that if an unbroken chain of title can be established for 30 years, claims outside this chain are extinguished.
Meridian North-south lines employed in the GRSS.
Mill rate A tax rate based upon 1/10th of one cent, or one mill. (Think thousandths: 10x100.) Rate of 1 mill = 001.
Mills Tax rates which are "mill rates" use this unit. 15 mills = .015.
Section A designated square within a township which measures one square mile. There are 36 sections in every township.
Special warranty deed Only warranties against title defects for the period during which the grantor owned the property.
Statute of Frauds A law in effect in all states which requires that every deed must be written to be valid. See DREAMOILS.
Suit to quiet title A court proceeding in which the claimant is obligated to satisfy the statutory requirements of adverse possession in order to gain title to real property.
Testate With a will.
Testator/Testatrix A decedent who has left a valid will. "-or" refers to a male, "-rix" refers to a female.
Title examination A search of the public record to determine the quality of a title to real property. Conducted by an attorney.
Township A unit pertaining to the GRSS. Measures six square miles in diameter, consists of 36 sections each consisting of one square mile.
Will The legal instrument to dispose of a decedent's property according to his or her instructions.
Words of conveyance Example: "I hereby convey". Contained in the granting clause. Demonstrate that the grantor intends to transfer title to the grantee.
The local tax rate must be sufficient to provide the revenue for the government's budget.
The local tax rate can change every year.
Recordation/recording The process of registering a document on public record. With regard to a deed, this protects the grantee's title.
Metes Distances from point to point in the metes and bounds legal description.
Probate The judicial determination of the validity of a will by the courts.
Types of deed, ordered most to least ideal for grantee: General Warranty Deed, Special Warranty Deed, Quitclaim Deed, Bargain and Sale/Trustee's/Sheriff's Deed
DREAMOIL (Conner Act) Deeds, Restrictive Covenants, Easements, Assignments, Mortgages, Options, Installment land contracts, Leases of 3+ years
DREAMOILS (Statute of Frauds) DREAMOIL plus sales contracts.
Created by: PoeticVine