Chapter 4A
Gift of personal property with a will
Bequest
Object reference when describing a property and its layouts things like Lakes, trees, stores, etc
Notated by the surveyor and are the most legally accepted for deeds
Monuments
Direction: Bounds
as to
Distance:
Metes
Gift of cash with a will
Legacy
Gift of Real Property with a will
Devise
Gift of real property without a will
Descent
In NC metes and bounds are used, what is used in other parts of the country
Government Rectangular Survey System(Most common in the US)
Lot&Block Method
Types of Legal Description Nationally
Metes and Bounds
Government Rectangular Survey System
References to Recorded Deed & Plat Maps, Lot & Block
4 Elements of Metes & Bounds
Point of beginning
Distance
Direction
Closure
Heir of the will
Beneficiary
Types of Wills
Written will
Holographic will(handwritten will)
Nuncupative will(Oral Will)
Township: 6 miles x 6 miles into 36 sections
and
Section:
6 miles x 6 miles into 36 sections
1 square mile
Written instrument that transfers an interest in real property when delivered to and voluntarily accepted by the grantee
Deed
Methods of transferring titles
Voluntary (By Deed)
Involuntary(Lien Foreclosure, Adverse Possession, Escheat, Eminent Domain)
Exist when someone has a document(such as a will, a deed or a divorce decree) that appears to give him or her title to the the property but actually does not
Color of Title
In order to take real estate away from another private owner through the concept of Adverse possession you have to do an OCEAN of work. What is OCEAN?
O Open
C Continuous
E Exlcusive
A Adverse
N Notorious
4 types of Deeds
General Warranty(the most powerful deed)
Special Warranty
Bargain and Sale
Quit Claim(Contains no warranties whatsoever but is simply a deed of release)
To obtain marketable title to the property, the claimant must satisfy the court that she has fulfilled the requirements of the adverse possession statute in the particular state by
Suit of Quiet Title
A law in effect in all states requiring that every deed by written to be valid
Statute of Frauds
Special purpose Deeds
Trustee's deed: Deed used by person serving in the role of trustee
Sheriff's deed: this deed is conveyed by the sheriff in the event of transfer of real property required to be handled by someone in this capacity
Deed of gift: A gift of real property may be made by general warranty deed, by special warranty deed or by quitclaim deed.
**In NC, a deed of gift must be recorded within 2 years to remain valid.
Requirements for a transfer of title
Must be in writing, legal capacity, words of conveyance, identification of parties, property description, signed by grantor, delivery and accepted.
Must be Recorded: DREAMOIL
D Deeds
R Restrictive Convenants
E Easements
A Assignments
M Mortgages
O Options
I Installment Land Controls
L Leases
Must be in writing to be enforceable DREAMOILS
D Deeds
R Restrictive Convenants
E Easements
A Assignments
M Mortgages
O Options
I Installment Land Controls
L Leases longer than 3 years
S Sales Contracts
Marketable Title Act
Aims to extinguish old defects in the title by providing that if a chain of title can be established for 30 years without conflicts, claims outside this chain are extinguished.
The grantee, her heirs and assigns, shall quietly and peaceably have, hold, use, possess, and enjoy premises.
Covenant of Quiet Enjoyment
This covenant is an assurance by the grantor to the grantee that the grantee shall have a quiet possession and enjoyment of the property being conveyed and that the grantee will not be disturbed in the use and enjoyment of the property because of a defect in the title being conveyed by the grantor.