Chapter 4: Transfer of Title to real property

devise

A gift of REAL property by will is a?

Bequest

A gift of personal property by will is a?

By Will

A legal instrument designed to dispose of one's property according to their instructions.

Adverse possession (OCEAN) (Open, Continuous, Exclusive, Actual, Notorious)

A method of acquiring title to real property by conforming to statutory requirement. There are 4 requirements to receiving property title under this method.

Deed

A written instrument that transfers an interest in real property when delivered to and voluntarily accepted by the grantee. the legal documents that transfer title from one person to another.

1) the possession or occupation must be open and well known to others. 2) The possession must be without the permission of the true owner and must be exclusive (Not shared with owner). 3)Possession must be available to view by the public and must not be hidden or secret so all can see that the use or claim is being made. 4) must use land for 7 years if claiming individual land, 21 years for claiming state land with color of title, 30 years if claiming state land without color of title.

Adverse possession statutory requirements:

43,560 square feet per acre

HOW MANY SQUARE FEET IN ONE ACRE?

By the delivery of a valid deed by the grantor or the grantee during the life of both of them. The contract of sale for real property is complete by this delivery as required in the contract. The deed is traditionally paid for by the seller at the closing along with the required revenue stamps.

How is the transferring of property by Deed (Voluntary Alienation) Accomplished?

Testate

If a person dies and leaves a valid will they are said to have died?

By Descent (Intestate succession)

If a person dies without leaving a will (intestate), according to the law of intestate succession property will be distributed to their heirs by?

Escheat

Occurs when no one is eligible to receive the property of the intestate (person who dies without leaving a will). If no heirs can be found as specified by the statute the property becomes owned by the state.

Point of beginning (POB)

One that is reasonably easy to locate and tied to a reference point that is well established

Condemnation

The action of the government taking the property under eminent domain is? The property owner must be compensated for the fair market value of the property lost through this.

Eminent domain

The power of the government that provides them with the right to take private property for public use and benefit (sidewalks, plumbing, parks, roads etc.)

Metes and Bounds

The property description used in North Carolina (it commonly used in the states that were part of the original 13 colonies) is based on distances and directions is?

Alienation

The transfer of title to real property

Lien foreclosure sale

This method of transferring title is sold and conducted without the consent of the property owner who incurred the debt that resulted in a lien.

By involuntary alienation

Title to real property may be transferred during life by ___________? (Against the owners wishes) as a result of lien foreclosure, adverse possession, or condemnation under the power of eminent domain.

East to West lines

What are base lines in the government rectangular survey system?

By Descent (Intestate Succession), By Will, By Deed (Voluntary alienation), By Involuntary alienation, Lien foreclosure sale, Adverse possession, Escheat, condemnation under eminent domain

What are the Methods of transferring titles in NC?

General warranty deed, Special Warranty deed, Quitclaim deed, Special purpose deed, Judicial deed

What are the types of deeds?

North to south lines

What is a Meridian in the Government rectangular survey system?

Acknowledgement, Consideration, Seal, recording

What is not required to create a valid deed?

1) must be in writing (not orally) 2) the grantor (the one receiving the title) must be competent 3) the deed must contain an adequate legal description 4) words of conveyance: (the deed must contain words demonstrating that it is the grantor's intention to transfer the title to the named grantee, "has given, sold etc.") 5) execution: the deed must be executed and signed by each grantor 6) delivery of acceptance: must be delivered to the grantee (buyer) or the grantee's agent

When is a deed valid?

General warranty deed

contains the strongest and broadest form of guarantee of title of any type of deed; it provides the greatest protection to the grantee and the greatest liability to the grantor. = maximum warranty against the claims of all persons.

judicial deed

executed by the official authorized by the court to conduct the sale and transfer the title under a lien foreclosure sale. titles are conveyed by a sheriff's deed or trustee deed, generally without the participation of the property owner who lost the title as the result of the foreclosure.

a township is 6 square miles by 6 square miles. They are divided into 36 sections and each section is 1 square mile.

how big is a township? and what is each township divided into?

Bounds

the directions from one point to another in the description of a property?

Metes

the distances from point to point in the description of a property?

probate

the judicial determination of the validity of a will by the courts

Color of title

when someone has a document (such as a will or deed) that appears to give him or her title to the property but actually does not