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Chapter 5

transfer of title to real property

Abstract of Title A condensed history of a title.
Adverse Possession The Open, Continuous, Exclusive, Adverse, Notorious 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 Transfer of title, act of transferring property to another.
ALTA Policy Owner's title insurance policy that protects the owner against title defects not found in public records.
Chain of Title The record of ownership of property over a period of time.
Cloud on the Title A defect on a deed that is frequently cured by a quitclaim deed.
Condemnation The process by which the power of eminent domain is exercised.
Conner Act NC law that requires many types of real estate documents to be recorded for protection against claims from third parties.
Constructive Notice Notice given by way of making ownership part of public record (by recording conveyances of real property).
Covenant Warranties
Deed A written instrument by which an owner of real estate intentionally conveys right, title, or interest in the parcel of real estate to another.
Delivery and Acceptance Actual delivery of the deed by the grantor and either actual or implied acceptance by the grantee.
Eminent Domain Power of certain agencies to take private property for public use through a suit for condemnation.
Escheat The reversion of property to the state in cases where a person dies intestate.
Excise Tax A tax that is based on the sales price of the property.
General Warranty Deed This deed offers greater protection than any other deed, is the best deed for the grantee, but gives the grantor the greatest degree of liability.
Grantee The one who receives title
Grantor The owner
Granting Clause Words of conveyance
Intestate When a person dies without having left a will.
Marketable Title A title that is free of liens and encumbrances, defects, and protects purchaser from hazard of litigation and is convincible legally significant.
Marketable Title Act Provides that if a chain of title can be traced back for 30 years and no other claim has been recorded during that time the title become a marketable title.
NC 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.
Quitclaim Deed A non-warranty deed that provides the grantee with the least protection of any deed. It carries no covenant or warranties and conveys only such interest, if any, that the grantor my have when the deed is delivered.
Recording Making documents that affect property ownership readily available as matters of public record.
Special Warranty Deed A conveyance that carries the warranty that the property was unencumbered by the grantor who also warrants he or she received title to the property.
Title The right to or ownership of the land.
Title Insurance A contract by which the insured is compensated against any losses sustained as a result of defects in a title.
Title Search The examination of all public records that might affect a title
Will Instrument made by a property owner to convey title to real and personal property on the owner's death
Created by: whitwill
Popular Real Estate sets




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