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Unit 5 Key Terms
| Term | Definition |
|---|---|
| abstract of title | A certified condensed history of a title including summary of the original grant, all subsequent conveyances, and encumbrances affecting the property. |
| American Land Title Association | A title insurance policy that protects interest in a collateral property of a mortgage lender when originating a new real estate loan. |
| Chain of title | The succession of title conveyances from an accepted starting point, whereby present holder derives title. |
| actual notice | Direct knowledge either through searching public records and inspecting the property or someone has been given the actual information and knows it |
| cloud on the title | Any document, blame, unreleased lien, or encumbrance that might impair title to real property or make the title doubtful |
| Connor Act | |
| Constructive notice | |
| Excise tax | |
| Marketable title | |
| Marketable title Act | |
| Recording | |
| Title | |
| Title insurance | |
| Title search | |
| That legal presumption that information in the public record can be obtained by an individual for due diligence. Public records and physical possession of property both as notice to the world. | |
| At a rate of $1 per $500 of sell price paid by the seller and required to be noted on the deed by state law. | |
| A good or clear title that is reasonably free from risk of litication over possible defects. | |
| In an effort to eliminate obsolete defect in chain of title, this allows that a title becomes marketable if chain of title can be traced back for 30 years without problem. | |
| The act of entering documents into the public record by the county' recorder's office. Recordation of a deed or mortgage is a good protection against subsequent purchasers or mortgagees | |
| The right to or ownership of land. Also the evidence of ownership of land. | |
| A policy ensuring the mortgagee and/or owner against loss by reason of title defects | |
| The search of public records to examine chain of title and determine current state of ownership of Real Estate. | |
| To quiet title | The removal of cloud on the title either through Court action or quit claim deed. |
| A North Carolina law requiring many types of real estate documents be recorded for protection against claims from third parties. | |
| Alienation | The act of transferring property to another or the transfer of title. |
| Bargain and sale deed | |
| Condemnation | |
| Covenant | |
| delivery and acceptance | |
| eminent domain | |
| escheat | |
| General warranty deed | |
| Grantee | |
| granting clause | |
| grantor | |
| Intestate | |
| North Carolina intestate succession Act | |
| quitclaim deed | |
| special warranty deed | |
| NCBA/NCAR 2-T | |
| A deed that implies the grantor has the right to convey title, but does not warrant against liens or other encumbrances. Warranties can be added ASCII discretion of the grantor. | |
| The method by which judicial or administrative proceedings exercise the power to take private property for public use and justly compensating the owner. | |
| A written agreement where parties pledged to perform or not perform specific act with regard to property. | |
| delivery and acceptance | The actual delivery of a deed by the grantor and implied or actual acceptance the deed by the grantee (recordation is considered acceptance) |
| The right of a government are municipal body to acquire property for public use through Court action | |
| The reversion of property to the state, as provided by state law, in cases where a descendant dies intestate without heirs capable of inheriting or when property is abandoned | |
| A deed in which good clear title is insured by the grantor through four Covenants. | |
| A person who receives a conveyance of real property from a grantor. | |
| Words in a deed of conveyance that state the grantor's intention to convey property at the present time. | |
| The property owner that is transferring title to or an interest in real property to a grantee. Also a borrower in a deed of trust loan transaction(trustor) | |
| The condition of a property owner who dies without leaving a valid will. | |
| Frequently used to remove Cloud on the title, A conveyance by which the grantor transfers interest in real estate if any without warranties or obligation. | |
| A deed in which the grants are only warrants the title against defects arising during the. Of the grantor's 10-year and ownership of the property. | |
| North Carolina Intestate Succession Act | State law of descent that dictates distribution of real and personal property of a deceased who died intestate. |
| Used in purchase or transfer of residential real property, this is the form used by by Realtors licensee and or NC attorneys to establish legally binding agreement between buyer and seller. | |
| Will | An instrument made by a mentally competent owner to convey title to real and personal property on their death. |
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REtestprep
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