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49 Cards in this Set

  • Front
  • Back
Title to land
Right to own land and documentation of ownership
Transferring title from one person to another
Types of Alienation (2)
1) Voluntary - giving or willing title
2) Involuntary - losing title through legal process
Written document proving ownership of property
Owner pre-alienation
Person receiving property
Who has to sign?
Grantor ONLY
Requirements for conveyance (7 things)
1) In writing
2) Grantor must have legal capacity to execute deed
3) Grantor AND Grantee must be identified
4) Adequate words of conveyance
5) Accurate legal description of the property
6) Deed must be signed by grantor
7) Deed must be delivered and voluntarily accepted by grantee
Are oral property transfers legal? (If not, why not?)
NO, NC Statute of Frauds says deeds and deed transfers MUST BE IN WRITING
Words of conveyance called?
Granting Clause
(Deeds) Consideration, Recorded, Dated, Notarized, Witnessed
Things deeds do NOT need to be legal
Conner Act
First grantee to record the deed has legal rights to the property
3 Common forms of deeds
1) General Warranty Deed
2) Special Warranty Deed
3) Quitclaim Deed
General Warranty Deeds
Provides most protection of any deed
Covenants of General Warranty Deed (4)
1) Sesin - right to transfer title
2) Encumbrances - Property is free of liens or encumbrances not on record
3) Quiet Enjoyment - title is good against 3rd party action
4) Warranty forever - If title fails at any time in the future, grantor will be liable
Special warranty deed
Deed that has only 2 warranties
Warranties of special warranty deed (2)
1) Grantor holds valid right to transfer property
2) Property is unencumbered
Remise, release, alienate, convey
Granting clauses commonly found in special warranty deeds
Quitclaim deed
No warranties or covenants given. Deed used to simply say they do not hold title to the deed.
Defect in title (also called and what cures it?)
Called: cloud in the title
Cured: Quitclaim deed
Correction deed
Used when previous deed has an error
Deed of gift
Property is conveyed as a gift; no excise tax
Time limit for recording gift of property
2 Years
Deed of release
Releases property from mortgage when paid
Deed in lieu of foreclosure
Borrower has defaulted on loan; lender agrees to simply take the deed instead of going through foreclosure (tax issues)
Trustee's Deed
Trustee transferring title to anyone other than trustor
Timber / Mineral deed
Used for rights to use land for specific purposes
Excise tax
Tax paid after selling real property; based on the sales price of the property; also called revenue stamps
Excise tax / Revenue Stamps value (cost)
$1 for every $500 the property is sold for (always a whole dollar amount)
No need to pay excise taxes (When?)
Gov't transfer of property, transfer by will / testate, deed of gift w/ no consideration, transfer by merger / consolidation, transfer be lease for term of years, transfer by instrument for securing debt (mortgage or deed of trust)
Involuntary alienation
Involuntary transfer of land rights
When person dies intestate (without will) and with no heirs, title reverts to the state
Eminent domain
Private property is taken for public use and good
How eminent domain is exercised
3 conditions for taking by eminent domain
1) Use benefits the public
2) Equitable amount of compensation will be paid to the owner
3) Rights of property owner are protected
Quick take
When lawful, private property can immediately be transferred to the public good
Adverse possession
Taking land from another - may lose title if not used for a given number of years
Requirements for adverse possession (O.C.E.A.N.)
Property ownership must be: Open, Continuous, Exclusive, Adverse to true owner's possession, and Notorious (without permission of the owner)
NC Intestate Succession Act
If A dies intestate (without will), B is appointed to administer their estate to their heirs
Marketable title
Clear (not cloudy) title
5 criteria for marketable title
1) Title is free from encumbrances and liens
2) There are no serious defects
3) Title is free of doubtful questions to prove validity
4) There are no hazards of litigation
5) Convinces a reasonable person title can be passed
Title search
Examination of public record that affects chain of title
Chain of title
Ownership interests from person to person
Abstract of title
Condensed history of title of property
Suit to quiet title
Lawsuit establishing ownership of title if there is a gap in ownership
Marketable title act
If chain of title can be traced back 30 years, there is marketable title
Title insurance
Insurance against losses incurred due to defect in the title
Regulate title insurance vs. ALTA insurance (difference?)
ALTA covers problems that may be discovered only by inspection of property
Time required after which there is no adverse possession (w/ & w/o color of title)
With color of title: 7 years
Without color of title: 20 years