| Preface |
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xxi | |
| Chapter 1 Introduction to Real Estate |
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3 | (16) |
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I Real Property versus Personal Property |
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A What Makes Real Property So Unique? |
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B Physical Characteristics of Land |
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C Economic Characteristics of Land |
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II The Real Estate Market |
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III Classifying Property by Use |
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C Condominiums and Townhouses |
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D Mobile Homes under North Carolina Law |
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E Manufactured Housing and "Kit" Homes |
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2 Shopping Centers and Malls |
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2 Light Industry/Heavy Industry |
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H Farm and Rural Property |
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IV Air and Mineral Rights |
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| Chapter 2 Real Estate Professions |
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19 | (26) |
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19 | (1) |
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I Introduction to Real Estate Professions |
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A What Is an Agency Relationship? |
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B Creating an Agency Relationship |
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C Agent's Duty to the Principal |
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E Agent's Duty to Third Parties |
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1 The Duty of Honesty and Fair Dealing |
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2 Duty Not to Commit Fraud |
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i Salesmanship and Puffing |
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3 Duty to Avoid Negligent Misrepresentation |
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F Principal's Duty to Agent |
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1 Duty to Compensate the Agent |
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2 Duty Not to Unfairly Injure the Agent's Reputation |
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G Applying Agency Law to Real Estate Transactions |
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1 A Real Estate Agent's Duty of Care |
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25 | (1) |
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2 An Agent's Responsibility to Disclose Information |
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25 | (1) |
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3 Real Estate Brokers Under North Carolina Law |
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26 | (1) |
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26 | (1) |
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26 | (1) |
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26 | (1) |
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1 Different Types of Real Estate Agents |
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27 | (3) |
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27 | (1) |
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28 | (1) |
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d Rules and Regulations Governing Real Estate Agents |
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28 | (2) |
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2 The North Carolina Real Estate Commission |
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30 | (1) |
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3 Becoming a Broker in North Carolina |
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30 | (1) |
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4 Sanctioning Real Estate Brokers |
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a Ethical Duties of Real Estate Agents |
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32 | (1) |
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5 Continuing Education Requirements for Real Estate Brokers |
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32 | (1) |
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6 Services Provided by Real Estate Agents |
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32 | (1) |
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a Multiple Listing Service |
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32 | (1) |
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III Real Estate Professions |
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33 | (5) |
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33 | (1) |
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1 Small Investors and "Fixer-Uppers" |
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33 | (1) |
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2 Real Estate Investment Trusts |
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33 | (1) |
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33 | (1) |
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34 | (2) |
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35 | (1) |
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35 | (1) |
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3 Comparative Market Analysis |
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36 | (1) |
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36 | (1) |
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37 | (1) |
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37 | (1) |
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37 | (1) |
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37 | (9) |
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1 Real Estate Inspections |
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37 | (1) |
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38 | (1) |
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38 | (5) |
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43 | (1) |
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43 | (1) |
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44 | (1) |
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| Chapter 3 Legal Estates in Property in North Carolina |
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45 | (18) |
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45 | (1) |
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45 | (1) |
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46 | (3) |
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A Rights, Obligations and Limitations of Fee Simple Owners |
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47 | (1) |
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B Conditional Fee Simple Estates |
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47 | (2) |
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1 The Rules Used to Interpret Fee Simple Defeasible Estates |
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2 Fee Simple Determinable |
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48 | (1) |
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a Court Tests for Fee Simple Determinable |
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48 | (1) |
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3 Fee Simple on a Condition Subsequent |
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49 | (1) |
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49 | (7) |
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50 | (1) |
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1 Elective Share for Spouses |
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51 | (2) |
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a Waiver of Elective Share |
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51 | (1) |
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51 | (1) |
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52 | (1) |
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52 | (1) |
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53 | (1) |
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F Renouncing a Life Estate |
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53 | (3) |
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53 | (3) |
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G Life Estate Pur Autre Vie |
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56 | (1) |
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IV Concurrent Ownership in Real Estate |
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56 | (4) |
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56 | (1) |
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57 | (1) |
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1 The Right of Survivorship |
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57 | (1) |
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58 | (1) |
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58 | (1) |
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59 | (1) |
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60 | (1) |
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60 | (1) |
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61 | (1) |
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61 | (2) |
| Chapter 4 Landlord-Tenant Law |
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63 | (30) |
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63 | (1) |
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63 | (1) |
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II Freehold versus Non-Freehold Estates |
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63 | (1) |
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III Residential Rental Agreements Act |
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64 | (5) |
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A Landlords and Tenants Have Mutual Obligations |
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64 | (1) |
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B Landlord Duties under the Residential Rental Agreements Act |
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64 | (3) |
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1 Tenant Suits under Residential Rental Agreements Act |
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67 | (1) |
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2 Unfair or Deceptive Trade Practices |
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67 | (1) |
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C The Tenant's Duties to the Landlord |
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67 | (2) |
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68 | (1) |
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2 Tenant's Duty to Compensate Landlord for Damages |
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69 | (1) |
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IV The Tenant Security Deposit Act |
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69 | (1) |
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70 | (1) |
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70 | (1) |
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V Discriminatory Practices |
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70 | (1) |
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71 | (1) |
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VII Specific Types of Tenancies |
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71 | (3) |
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A Tenancy for Years (Estate for a Stated Period) |
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72 | (1) |
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1 Termination of an Estate for a Stated Period of Time |
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72 | (1) |
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72 | (1) |
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B Estate from Year to Year (Estate from Period to Period) |
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72 | (1) |
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1 Termination of an Estate from Year to Year |
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73 | (1) |
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73 | (1) |
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1 Termination of a Tenancy at Will |
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74 | (1) |
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74 | (1) |
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1 Termination of a Tenancy at Sufferance |
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74 | (1) |
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74 | (6) |
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74 | (1) |
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74 | (1) |
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74 | (1) |
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75 | (1) |
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75 | (1) |
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75 | (1) |
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75 | (1) |
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B Creating the Landlord-Tenant Relationship |
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75 | (5) |
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1 Required Provisions under North Carolina Law |
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75 | (1) |
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2 Common Lease Clauses and Provisions |
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76 | (3) |
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76 | (1) |
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76 | (1) |
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c Persons Permitted to Be on the Premises |
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76 | (1) |
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76 | (3) |
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79 | (14) |
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79 | (1) |
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C Lease Assignments and Sub-Letting |
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80 | (1) |
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D Statute of Frauds Concerns in Leases |
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80 | (1) |
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80 | (3) |
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81 | (1) |
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81 | (1) |
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C Act Prohibiting Retaliatory Eviction |
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82 | (1) |
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83 | (1) |
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83 | (6) |
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89 | (1) |
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89 | (1) |
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90 | (1) |
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90 | (3) |
| Chapter 5 Buying, Selling and Transferring Interest in Real Estate |
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93 | (22) |
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93 | (1) |
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93 | (15) |
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93 | (4) |
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93 | (3) |
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a A Real Estate Sale Is a Contract |
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94 | (1) |
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94 | (1) |
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95 | (1) |
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95 | (1) |
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95 | (1) |
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95 | (1) |
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b Other Legal Aspects of a Real Estate Sale |
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95 | (1) |
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96 | (1) |
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a By Intestate Succession |
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97 | (1) |
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97 | (1) |
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B Involuntary or Unwilling Title Transfers |
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97 | (18) |
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98 | (4) |
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98 | (1) |
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b Foreclosing a Deed of Trust |
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98 | (1) |
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i Requirements of Foreclosure Sales |
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98 | (4) |
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2 By Condemnation (Eminent Domain) |
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102 | (1) |
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102 | (1) |
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103 | (1) |
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103 | (1) |
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103 | (1) |
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104 | (3) |
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a What is Color of Title? |
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105 | (1) |
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b Proving Adverse Possession |
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106 | (1) |
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107 | (1) |
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108 | (3) |
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111 | (1) |
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112 | (1) |
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112 | (1) |
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113 | (2) |
| Chapter 6 Deeds |
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115 | (18) |
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115 | (1) |
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115 | (4) |
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A Defining a Deed under North Carolina Law |
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116 | (1) |
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1 Deeds Have a Dual Nature |
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116 | (1) |
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a Contractual Elements of Deeds |
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116 | (1) |
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b Statutory Requirements of Deeds |
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117 | (1) |
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117 | (2) |
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117 | (1) |
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117 | (1) |
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118 | (1) |
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118 | (1) |
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118 | (1) |
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118 | (1) |
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118 | (1) |
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118 | (1) |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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II Minimum Legal Requirements of Deeds |
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119 | (6) |
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A Deeds Must Be in Writing |
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120 | (1) |
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120 | (1) |
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C Clearly Identifiable Parties |
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120 | (1) |
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120 | (1) |
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120 | (1) |
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120 | (1) |
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D Description of the Property Conveyed |
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121 | (1) |
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121 | (1) |
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2 Reference to Other Public Records |
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121 | (1) |
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122 | (1) |
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122 | (1) |
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G Deed Must Be Properly Executed |
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122 | (1) |
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H Delivery and Acceptance |
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122 | (1) |
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123 | (1) |
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123 | (1) |
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I Non-Essential Deed Terms |
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123 | (2) |
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123 | (1) |
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124 | (1) |
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124 | (1) |
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124 | (1) |
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124 | (1) |
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125 | (1) |
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III Specific Deed Clauses |
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125 | (1) |
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125 | (1) |
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125 | (1) |
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C Exceptions and Exclusions |
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125 | (1) |
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IV Construing the Language in Deeds |
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126 | (1) |
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127 | (1) |
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128 | (2) |
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130 | (1) |
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131 | (1) |
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131 | (1) |
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132 | (1) |
| Chapter 7 Property Descriptions, Boundaries, Rights and Liabilities Arising from Land Ownership |
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133 | (18) |
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133 | (1) |
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133 | (1) |
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II Property Descriptions in Deeds |
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133 | (7) |
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135 | (1) |
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1 Parol Evidence Not Allowed to Correct Patently Ambiguous Description |
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135 | (1) |
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136 | (1) |
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C Metes and Bounds Descriptions |
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136 | (3) |
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1 Drawing Metes and Bounds Descriptions |
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137 | (2) |
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D Other Methods to Describe Property: Government Survey System |
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139 | (1) |
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E Other Methods to Describe Property: Reference to a Plat |
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139 | (1) |
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F Other Methods to Describe Property: Torrens Registration |
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139 | (1) |
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140 | (3) |
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140 | (1) |
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140 | (1) |
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B Natural Forces That Affect Property Descriptions |
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140 | (1) |
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141 | (1) |
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141 | (1) |
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141 | (1) |
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141 | (1) |
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C Determining Water Boundaries |
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141 | (2) |
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142 | (1) |
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a Boundary Lines along Navigable Bodies of Water |
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142 | (1) |
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142 | (1) |
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143 | (1) |
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143 | (2) |
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A Classifying Visitors to the Property |
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143 | (8) |
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144 | (1) |
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a Exceptions to the General Rule of No Duty to Trespassers |
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144 | (1) |
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i The Attractive Nuisance Doctrine |
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144 | (1) |
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144 | (1) |
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144 | (1) |
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4 North Carolina Has Abolished the Distinctions between Invitees and Licensees |
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145 | (1) |
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145 | (3) |
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148 | (1) |
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149 | (1) |
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149 | (1) |
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150 | (1) |
| Chapter 8 Real Estate Contracts |
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151 | (20) |
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151 | (1) |
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I Introduction to Contract Law |
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151 | (4) |
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151 | (5) |
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152 | (1) |
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153 | (1) |
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a The Power of Acceptance |
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153 | (1) |
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i Communicating the Acceptance |
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153 | (1) |
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154 | (1) |
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154 | (1) |
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154 | (1) |
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154 | (1) |
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155 | (1) |
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155 | (1) |
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155 | (1) |
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III Formation Issues in Contract Law |
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156 | (3) |
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156 | (1) |
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B Interpreting Contract Language |
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157 | (1) |
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C Fraud and Misrepresentation |
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157 | (1) |
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1 Two Types of Fraud Involved in Contracts |
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157 | (1) |
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a Fraud in the Execution of a Contract |
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157 | (1) |
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b Fraud in the Inducement |
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157 | (1) |
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2 The Effect of Fraud on a Contract |
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157 | (1) |
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3 Statements That Are Not Fraudulent |
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157 | (1) |
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158 | (1) |
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b Sales Statements or "Puffing" |
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158 | (1) |
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D Duress, Coercion and Undue Influence |
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158 | (1) |
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158 | (1) |
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158 | (1) |
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158 | (1) |
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E Unfair and Deceptive Trade Practices |
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158 | (1) |
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159 | (1) |
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A Unilateral and Bilateral Contracts |
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159 | (1) |
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159 | (1) |
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159 | (6) |
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160 | (1) |
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160 | (1) |
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160 | (1) |
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160 | (1) |
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B Offer of Purchase and Contract |
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160 | (4) |
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161 | (1) |
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2 Purchase of Personal Property |
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161 | (1) |
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161 | (1) |
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161 | (1) |
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162 | (1) |
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162 | (1) |
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162 | (1) |
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8 Risk of Loss Provisions |
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162 | (1) |
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162 | (1) |
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163 | (1) |
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11 Particular Clauses: Time Is of the Essence |
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163 | (1) |
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164 | (1) |
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165 | (1) |
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165 | (6) |
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1 Remedies for the Seller |
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165 | (1) |
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165 | (1) |
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3 Remedies for the Broker |
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165 | (1) |
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166 | (2) |
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168 | (1) |
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168 | (1) |
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169 | (1) |
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170 | (1) |
| Chapter 9 Deeds of Trust, Mortgages and Financing Real Estate |
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171 | (16) |
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171 | (1) |
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I Financing the Purchase of Real Estate |
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171 | (1) |
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171 | (2) |
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A Primary Mortgage Market |
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172 | (1) |
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B Secondary Mortgage Market |
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172 | (1) |
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1 Federal Agencies in the Secondary Mortgage Market |
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172 | (1) |
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III Introduction to Mortgages |
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173 | (1) |
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A The Title Theory of Mortgages in North Carolina |
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173 | (1) |
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B Mortgages versus Deed of Trust |
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173 | (1) |
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IV The Basic Components of a Mortgage or Deed of Trust |
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174 | (1) |
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A Mortgages and Deeds of Trusts Are Recorded Like Deeds |
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174 | (1) |
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174 | (1) |
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1 Subordination Agreement |
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175 | (1) |
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175 | (2) |
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A Typical Deed of Trust Clauses |
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176 | (1) |
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176 | (1) |
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176 | (1) |
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176 | (1) |
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4 The Promissory Note Clause |
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177 | (1) |
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177 | (1) |
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177 | (3) |
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A Foreclosure under Power of Sale |
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177 | (1) |
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1 Procedure to Institute a Foreclosure under Power of Sale |
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177 | (1) |
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178 | (1) |
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1 The First Step in a Foreclosure: The Borrower's Default |
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178 | (1) |
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2 The Second Step in a Foreclosure: The Acceleration Clause |
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178 | (1) |
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178 | (1) |
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4 Hearing before the Clerk of Court |
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178 | (1) |
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5 Advertising the Foreclosure Sale |
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179 | (1) |
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6 The Foreclosure Auction |
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179 | (1) |
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179 | (1) |
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C The Equity of Redemption |
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179 | (1) |
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180 | (1) |
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180 | (1) |
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B Adjustable Rate Mortgages |
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180 | (1) |
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180 | (3) |
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183 | (1) |
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184 | (1) |
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184 | (1) |
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185 | (2) |
| Chapter 10 Public and Private Limitations on Real Estate |
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187 | (18) |
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187 | (1) |
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I Introduction to Public and Private Limitations on Real Estate |
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187 | (1) |
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II Public Restrictions on Land Use |
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187 | (5) |
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187 | (4) |
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1 The Government's Authority to Impose Zoning Regulations |
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188 | (1) |
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188 | (1) |
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3 Typical Zoning Districts and Classifications |
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189 | (1) |
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4 Zoning Violations and Exceptions |
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189 | (1) |
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189 | (1) |
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190 | (1) |
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190 | (1) |
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5 Unconstitutional Zoning Ordinances |
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190 | (2) |
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190 | (1) |
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B Designating Subdivisions |
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191 | (1) |
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191 | (1) |
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D North Carolina Coastal Area Management Act |
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191 | (1) |
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III Private Restrictions on Land Use |
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192 | (8) |
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192 | (4) |
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1 Defining Restrictive Covenants |
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193 | (1) |
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2 Types of Restrictive Covenants |
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193 | (1) |
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193 | (1) |
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193 | (1) |
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i Touch and Concern the Land |
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194 | (1) |
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194 | (1) |
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3 Creating a Restrictive Covenant |
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194 | (1) |
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a Including Restrictive Covenants in a Deed |
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194 | (1) |
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b Recording a Declaration of Restrictive Covenants |
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194 | (1) |
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c Recording a Plat with Restrictive Covenants |
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194 | (1) |
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4 Common Features Found in Restrictive Covenants |
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194 | (1) |
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a Interpreting Restrictive Covenants |
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195 | (1) |
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5 Recording Restrictive Covenants |
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195 | (1) |
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6 Enforcing Restrictive Covenants |
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195 | (1) |
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7 Unconstitutional or Illegal Restrictive Covenant Provisions |
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195 | (1) |
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8 Removing Restrictive Covenants |
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195 | (1) |
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196 | (9) |
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196 | (1) |
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197 | (1) |
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197 | (2) |
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197 | (1) |
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197 | (1) |
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197 | (1) |
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198 | (1) |
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198 | (1) |
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198 | (1) |
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g By Condemnation (Eminent Domain) |
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199 | (1) |
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199 | (7) |
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199 | (1) |
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199 | (1) |
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c Expiration of a Stated Time Period |
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199 | (1) |
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199 | (1) |
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199 | (1) |
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200 | (3) |
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203 | (1) |
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203 | (1) |
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204 | (1) |
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204 | (1) |
| Chapter 11 Title Searches |
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205 | (22) |
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205 | (1) |
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I Introduction to Title Searches |
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205 | (4) |
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A Why Is a Title Search Necessary? |
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205 | (1) |
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B Beginning a Title Search |
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206 | (3) |
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206 | (1) |
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2 Information Needed to Begin a Title Search |
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206 | (3) |
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a Names of the Current Owners |
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206 | (1) |
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b Description of the Property to Be Conveyed |
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207 | (1) |
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207 | (1) |
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i The North Carolina Marketable Title Act |
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207 | (1) |
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208 | (1) |
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e Deed Book and Page Number |
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208 | (1) |
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f Additional, Helpful Information |
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209 | (1) |
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209 | (1) |
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II Steps in a Title Search |
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209 | (10) |
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A Step 1: Establishing the Chain of Title |
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209 | (5) |
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210 | (1) |
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210 | (1) |
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2 Creating the Links in the Chain of Ownership |
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211 | (2) |
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3 The Grantor/Grantee Index |
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213 | (1) |
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B Step 2: Establishing the Out Conveyances |
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214 | (3) |
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1 Reviewing Title Documents |
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215 | (1) |
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a Deed of Trust Issues in Title Searches |
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216 | (1) |
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216 | (1) |
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216 | (1) |
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3 Index of Vital Statistics (Birth and Death Records) |
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216 | (1) |
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C Step 3: Checking for Judgments |
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217 | (1) |
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1 The Clerk of Courts Office |
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217 | (1) |
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a The Index to Special Proceedings |
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217 | (1) |
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D Step 4: Putting All the Information Together |
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217 | (2) |
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1 Preparing Abstract Title Forms |
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218 | (1) |
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E Step 5: The Preliminary and Final Title Certificates |
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219 | (1) |
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III Legal Malpractice Issues in Title Searches |
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219 | (1) |
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219 | (1) |
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B The Paralegal's Role in Title Searches |
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220 | (1) |
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IV Common Problems in Title Searches |
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220 | (1) |
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220 | (1) |
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220 | (1) |
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V Payment for Title Searches |
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221 | (1) |
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221 | (2) |
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223 | (1) |
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224 | (1) |
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225 | (1) |
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225 | (2) |
| Chapter 12 The Closing |
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227 | (22) |
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227 | (1) |
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I Introduction to Loan Closings |
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227 | (1) |
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A Loan Closings Require Close Attention to Detail |
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227 | (1) |
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II Preparing for the Closing |
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227 | (4) |
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228 | (1) |
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B Contacting the Attorney |
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228 | (1) |
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228 | (1) |
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1 The Fine Art of Scheduling Closings |
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228 | (1) |
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D Gathering Information Necessary to Complete the Closing |
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228 | (3) |
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229 | (1) |
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229 | (1) |
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229 | (1) |
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229 | (1) |
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b Repairing Title Defects |
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230 | (1) |
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c The Preliminary Opinion on Title |
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230 | (1) |
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230 | (1) |
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230 | (1) |
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5 Termite and Other Inspections |
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230 | (1) |
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231 | (1) |
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III The Closing Procedure |
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231 | (5) |
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A Preparing the Loan Package |
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231 | (1) |
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B Verifying Hazard Insurance |
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232 | (1) |
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C Documents Required at the Closing |
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232 | (4) |
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1 The General Warranty Deed |
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232 | (1) |
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232 | (1) |
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232 | (1) |
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233 | (1) |
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3 Subordination Agreements |
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233 | (1) |
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233 | (1) |
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233 | (1) |
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233 | (1) |
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233 | (1) |
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6 HUD-1 Settlement Closing Form |
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233 | (1) |
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7 Bill of Sale for Personal Property |
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234 | (1) |
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234 | (1) |
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9 Credit Insurance or Protection Plan Addendum |
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234 | (1) |
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234 | (1) |
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11 U.S. Patriot Act Requirements |
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234 | (1) |
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234 | (1) |
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13 Trust Disbursement Records |
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235 | (1) |
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14 Federal Truth-in-Lending |
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235 | (1) |
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15 Termite Inspection Letter |
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235 | (1) |
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235 | (1) |
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236 | (1) |
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IV Conducting the Closing |
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236 | (3) |
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A People Normally Present at a Closing |
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236 | (1) |
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236 | (1) |
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236 | (1) |
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237 | (1) |
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237 | (1) |
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237 | (1) |
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237 | (2) |
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238 | (1) |
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a Escrow Accounts for Insurance and Taxes |
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238 | (1) |
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238 | (1) |
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238 | (1) |
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4 Seller's Profit on the Transaction |
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238 | (1) |
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5 Certified Funds from the Buyer |
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238 | (1) |
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6 Real Estate Agent's Commission |
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238 | (1) |
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239 | (1) |
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239 | (1) |
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239 | (2) |
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239 | (1) |
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1 The Doctrine of Relation Back |
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240 | (1) |
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240 | (1) |
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241 | (1) |
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241 | (1) |
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241 | (1) |
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241 | (1) |
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242 | (1) |
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242 | (3) |
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245 | (1) |
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246 | (1) |
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246 | (1) |
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247 | (2) |
| Chapter 13 Taxes, Liens and Assessments |
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249 | (16) |
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249 | (1) |
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249 | (3) |
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A The Power to Levy Taxes |
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249 | (1) |
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B The Types of Property That Can Be Taxed |
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249 | (1) |
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250 | (1) |
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2 Property Excluded from Tax Calculations |
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250 | (1) |
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C Determining the Value of Real Property for Tax Purposes |
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250 | (1) |
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1 Calculating the Tax Rate |
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251 | (1) |
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251 | (1) |
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E Enforcing Tax Regulations |
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251 | (2) |
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251 | (1) |
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252 | (1) |
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252 | (1) |
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252 | (1) |
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253 | (3) |
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253 | (1) |
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B Types of Liens under North Carolina Law |
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253 | (2) |
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1 Statutory Liens (Mechanics and Materialmen's Liens) |
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253 | (2) |
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254 | (1) |
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C The Importance of Liens |
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255 | (1) |
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255 | (1) |
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E Perfecting and Enforcing a Lien |
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255 | (1) |
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256 | (6) |
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262 | (1) |
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262 | (1) |
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263 | (1) |
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263 | (2) |
| Index |
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265 | |
