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Unit 5 pt.1 notes
Transfer of Title
| Question | Answer |
|---|---|
| What is needed for an owner of real estate to transfer Title by voluntary alienation during the owner's lifetime? | A deed. |
| What is conveyed by a deed? | Right, title, or interest in a parcel of real estate. |
| What is meant by the term executes and who executes a deed? | The grantor signs the deed. |
| What qualifies a grantor to legally convey title to real estate? | Legal existence(a person or business entity), lawful age, and legally competent |
| In transferring ownership rights via a deed, what are some common, legally accepted words of conveyance? | Generally convey and warrant; grant, bargain, and sell; premise, release, and quitclaim |
| What is meant by words of conveyance? | Statements expressing the grantor's intention to convey property. |
| What is the section of the deed in which words of conveyance are included? | The granting clause |
| What qualifications of a grantee are required to ensure a valid deed? | Must be a edily identifiable real, living/viable legal entity(either a living person, even a minor, or a properly incorporated organization) |
| Who must sign a deed of conveyance? | The grantor(s). In NC this includes the spouse of the grantor even if the spouse is not named in the deed. |
| What are the final steps to ensure valid conveyance of a deed? | Must be delivered by grantor or authorized party and voluntarily accepted by grantee. |
| Which of the following are not required for a deed to be valid: legal description, signatures of grantor, witness, date, names of grantor and grantee, exact purchase amount | Witness, date, exact purchase amount |
| How does the Connor Act impact the recordation of a deed. | Though a deed does not have to be recorded, but recorded deeds are superior to non-recorded deeds. So to protect the interest of the grantee, the grantee should register their deed. |
| In NC deeds no longer have to be sealed, but signing under seal give added protection of...? | Extending the statute of limitation from 3 years to 10 years |
| Three common forms of deeds | General warranty, special warranty, quitclaim |
| Covenants of a general warranty include | Seisin, Encumbrance free, quiet Enjoyment, Further assurance, warranty Forever |
| What is delivery of seisin? | Actual transfer of title. |
| What is meant by quiet enjoyment? | That the grantee will not have to worry about claims of superior title from a third party. |
| Further assurance guarantees... | The grantor will deliver any instrument, such as resigning a corrected deed, needed to make the title good. |
| What is meant by warranty forever? | |
| How is cloud on the title generally discovered and how is it removed? | It can be revealed by a title search. A lawsuit or quick claim deed is required to quiet title. Another one |
| What does an abstractor of title certify? | That the history is complete and accurate. |
| What are two types of constructive notice? | Recorded documents and possession of property. |
| What documents are required in North Carolina to be recorded to protect against claims from third parties? | Mortgages, Deeds, purchase contracts, installment land contract, assignments, options, leases exceeding three years, easements, and restrictive covenants |
| Which North Carolina Law requires the recordation of real estate documents to protect against claims from third parties? | The Connor Act |
| Accounts for any issues since begin of ownership and any future issues with title not just the time that person giving guarantee owned the property. | |
| What documents would you find a covenant? | |
| Deeds and contracts for deed, mortgages, and leases | |
| What type of deed offers the greatest protection to the grantee of any deed? | General warranty deed |
| Go to wish Covenant does a grant Court warrant that they have legal ownership and right to convey? | Covenant of seisin |
| In which Covenant does the grantor warrant freedom from lean or encumbrances except for those on record? | Covenant against encumbrances |
| What is guaranteed by a cabinet of warranty forever? | Compensation for title failure for any time in the future |
| What is a good way to protect title failure in the event a grantor dies? | Obtaining title insurance |
| Why is a covenant of further Assurance important to a grantee? | When it is necessary do you have help from a grantor in making title good. |
| In order for a grantee to enjoy no claims to superior title from third parties, what covenant must a general warranty deed include? | Covenant of quiet enjoyment |
| By, through, and under the grantor but not otherwise | Language used in a special warranty deed |
| What deed provides the least protection of any deed and Carries no covenants or warranties? | Quitclaim deed |
| Correction deed | In North Carolina when there has been an error in a previous deed. |
| Deed of gift | Used when no consideration or only token consideration has been accepted for property as it is being conveyed as a gift. |
| What type of deed is used when the mortgage loan or deed of trust lien for a piece of real estate has been paid in full? | Deed a release |
| What type of deed is used when a trustee conveys estate with anyone other than the trustor? | Trustee's deed |
| What is needed and North Carolina to sever ownership rights from land and transfer them by deed? | Timber or mineral deed |
| What does a deed executed pursuant to court order convey? | Title to property that is transferred by court order or by Will |
| Involuntary alienation | When property is transferred without the owner's wishes or consent |
| Kelo decision | Landmark decision stating Economic Development fits the broad definition of the term public purpose that has affected legislature in many states |
| What is the "quick take" method of condemnation | In NC, title and possession of private property can immediately be transferred to Public Authority when authorized by law. |
| What was North Carolina's reaction to the kilo decision in 2006? | |
| Eminent domain may only be used to take a blighted parcel. | |
| Requirement for adverse possession? | Openly, Continuous, Exclusive, Adverse, Notorious (hostile) use. |
| What is meant by color of title? | A faulty document that purports to give adverse possessor title to a property. |
| For adverse possession in North Carolina what is the required. Of continuous possession without color of title? | 20 years |
| If someone has color of title how many years do they need to possess the property to do adverse possession? | 7 years |
| In regards to Wills in North Carolina, if spouse is on property as tenants by the entirety | Neither spouse can disinherit the other spouse by Will so the property cannot pass by Will. |
| What was North Carolina's reaction to the kelo decision in 2006? | |
| Devisee | A person who receives real property by Will. |
| Devise | When real or personal property is gifted by a will. |
| What do the terms first in time, first in right, first come first serve principle refer to? | Legal priority given to recorded documents based on order of recordation. |
| what is the difference between constructive notice and actual notice? | Legal presumption that information may be obtained versus proof that the information was available and given to the person. |
| When are real estate taxes and special assessment liens honest Pacific parcel of real estate actually recorded? | Sometime after the tax or assessment is past due. |
| What type of liens are inheritance taxes and franchise taxes? | Statutory liens |
| How does someone get notice of liens such as inheritance taxes franchise taxes and unrecorded real estate tax and special assessment lien? | Must be gained from other sources other than the Recorder's Office and may require creative measures to find |
| What is required shoe repair a gap in the chain of title? | Suit to quiet title |
| Marketable title required...? | Encumbrance and lien free, no serious defects disclosure, title valid and free from doubt, no threat to quiet enjoyment, reasonable ability to sell or mortgage property at a fair market value |
| What is dying to examine all public records that might affect title? And who performs this? | Title examiner performed a title search ehich establishes a chain of title. |
| How far back do most title searches go? | 30 to 60 years especially if title insurance has been in place. |
| Who is responsible to prepare an opinion as to the quality of a title to Real Estate? | The title Examiner |
| What system is used to North Carolina to examine the title? | Grantor and grantee index system where defect of title will appear in the grantor index. |
| What is used to omnify or compensate an insured against any loss of pain as a result of the second title that existed at time of policy issue? | Title insurance |
| What is ALTA? | |
| American Land Title Association which extends policies to ensure against the effects that may be found in public record. | |
| What kind of information does Ulta owner's Title Insurance protect against | Falsification,misrepresentation, forgeries, mistakes in legal documents, undisclosed or missing heirs birth or adoptions after the date of the will, Etc. |
| When is consideration on Alta policy paid? | Premium is paid once at closing for the life of the policy. Maximum loss cannot exceed the face amount of the policy. |
| In North Carolina who generally performs title searches? | Attorneys because it's an approved attorney state. |
| In North Carolina after an attorney submits a preliminary opinion on title who issues a title commitment? | A title insurance company bases their commitment of the opinion of the attorney doing the search. |
| What is governed by chapter 43 of NC general statutes? | The Torrens Sytem |
| What is the Torrens title system? | Illegal registration sell used to verify ownership and encumbrances where owners of real property submit a written application to register a title. |
| What is a deed transfer tax? | An additional tax on real estate used and some counties in North Carolina. |
| What is the excise tax rate in North Carolina? | $1 for every $500 |
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