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Section 5

Terms in this set (53)

rectangular (government) survey system (Public land survey system)
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.

Regulated by the Department of the Interior, Land Management
Township
A square normally 6 miles on a side. The Land Ordinance of 1785 divided much of the United States into a series of townships.
Section
one square mile or 640 acres
Metes and Bounds
A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land frequently used in deeds.
Metes
The direction and distance of a line forming the boundary of a property
Bounds
refer to the physical features that define the boundaries of the land
Point of beginning (POB)
In a metes-and-bounds legal description, the starting point of the survey, situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning.
Survey markers
official benchmarks used to mark key survey points. Commonly cast metal disks that look like round plaques with stamped information
Lot and Block
A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. (Must have a plat map to find the property)
Plat map
A map of a town, section, or subdivision indicating the location and boundaries of individual properties.
Deed
written and signed legal document that legally transfers title to real property from the grantor to the grantee. Aka instrument of conveyance. Must be in writing
Essential element of a deed: grantor/grantee
Essential element of a deed: The grantor must be of legal capacity whereas the grantee does not.
Essential element of a deed: words of conveyance
Essential element of a deed: the words that signify the transfer of title:
"Forever warrants the title to said premises" is language used for a warranty deed.
"Quits any and all claims to said premises" is language used for a quit claim deed.
Essential element of a deed: consideration
Essential element of a deed: evidence that something of value is being exchanged
Essential element of a deed: legal description
Essential element of a deed: A street address and either a metes and bounds description, a plat map, a tax assessor number, or a monument
Essential element of a deed: habendum clause
Essential element of a deed: a description of the act of conveyance: to have and to hold or to possess and to keep
Essential element of a deed: Signature of the grantor
Essential element of a deed: the grantor conveying the interest to the property must sign and must usually have it notarized. This is known as executing the deed
Essential element of a deed: Acknowledgment and recording
Essential element of a deed: an oath of a subscribing witness showing that the signing of the deed is a voluntary act.
Essential element of a deed: delivery and acceptance
To effect a transfer of title by deed, this process must occur. Grantor must deliver and grantee must accept.
Essential element of a deed: limitations and subject to clause
Essential element of a deed: clause with the purpose of dictating the ways in which a property may or may not be used.
General warranty deed
Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed.
Covenants in General Warranty Deed: Seisin
Covenants in General Warranty Deed: the estate is possessed by an indefeasible fee simple estate in the property (absolute ownership)
Covenants in General Warranty Deed: right to convey
Covenants in General Warranty Deed: grantor has the legal capacity to convey title and the title to convey
Covenants in General Warranty Deed: against encumbrances
Covenants in General Warranty Deed: grantor assures the grantee that there are no encumbrances against the title other than those already acknowledged
Covenants in General Warranty Deed: quiet enjoyment
Covenants in General Warranty Deed: title defect won't disturb the grantee's use and enjoyment of the property
Covenants in General Warranty Deed: Further assurances
Covenants in General Warranty Deed: grantor promises to provide any additional assurances that the grantee asks
Covenants in General Warranty Deed: warrant
grantor will defend the title against other's lawful claims
Quitclaim deed
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest. Removes any cloud or future speculation
Special warranty deed
A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise." Risky
voluntary alienation
conveyance of real property with the owner's consent
adverse possession
private individuals claim ownership of someone else's property by using it as their own for a while
court ordered portioning of property
court decides how property owned by tenants in common will be divided
Descent
through the probate process, the court decides who inherits the deceased's real and personal property
Eminent domain
Power of a government to take private property for public use.
Escheat
forfeiture of a decedent's property to the state in the absence of heirs
foreclosure
The seizure of property from borrowers who are unable to repay their loans
natural processess
loss or acquisition of property through natural causes, such as erosion, accession, accretion, avulsion, or reliction
regulatory taking
Government regulation of property so extensive that government is deemed to have taken the property by the power of eminent domain, for which it must compensate the property owners.
Executor's deed
A deed executed by an executor to convey title to real property owned by a decedent who left a valid will.
Sheriff's deed
a court ordered deed usually used in bankruptcy proceedings and foreclosures

Functionally, a sheriff places the property up for auction. The highest bidder is awarded the _____ deed and the sheriff is the guarantor
Beneficiary deed
specifies who will receive real estate when the grantor dies and specifically avoids the probate process (not all states allow this)
Trustee's deed
A deed executed by a trustee conveying land held in a trust.
Deed of release
Given by lien holders, remainder-men or mortgages to relinquish their claims on the property. Most mortgages hold a title through this deed. Must be relinquished 15 days after completion of the mortgage.
Deed of gift
Deed used when a grantor conveys property as a gift; must be recorded within two years or it becomes void.
Excise tax
a tax on the transfer or a property (.2% in NC)
Title examination
A search of the public record to determine the quality of a title to real property. This report, conducted by a lawyer in NC, is presented and ensured by a title insurance company
Title insurance policies
form of insurance that can protect the buyer and buyer's lender against loses due to problems with the title's quality
Owner's Policy
dTitle insurance issued for the total purchase price of the property to protect the new owner against unexpected risks.
Lender's policy
Title insurance issued for the unpaid mortgage amount to protect the lender against title defects.
Torrens System
A method of evidencing title by registration with the proper public authority, generally called the registrar, named for its founder, Sir Robert Torrens. Torrens search goes back just to the last search.
Constructive notice
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them.
Actual notice
directly informed of something or having witnessed something
Conner act
Requires certain documents (e.g. deeds) purchase contracts, and leases over three years to be recorded to be enforceable against third parties.
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