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North Carolina
Real Estate Law
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North Carolina
Real Estate Law
Neal R. Bevans
Professor
Western Piedmont Community College
Carolina Academic Press
Durham, North Carolina
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Copyright © 2005
Neal R. Bevans
All Rights Reserved
Library of Congress Cataloging-in-Publication Data
Bevans, Neal R.
North Carolina real estate law / by Neal R. Bevans.
p. cm.
ISBN 0-89089-383-7
1. Real property––North Carolina. 2. Real estate business--Law and legislation-North Carolina. 3. Vendors and purchasers--North Carolina. I. Title.
KFN7512.B48 2004
346.75604'3--dc22
2004016560
Carolina Academic Press
700 Kent Street
Durham, North Carolina 27701
Telephone (919) 489-7486
Fax (919) 493-5668
www.cap-press.com
Printed in the United States of America
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For Deb, with all my love
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Contents
Preface
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Chapter 1 Introduction to Real Estate
I.
Real Property versus Personal Property
A. What Makes Real Property So Unique?
B. Physical Characteristics of Land
C. Economic Characteristics of Land
II. The Real Estate Market
III. Classifying Property by Use
A. Unimproved Land
B. Residential Property
1. Single-Family Homes
2. Apartments
C. Condominiums and Townhouses
1. Townhouses
2. Cooperatives
D. Mobile Homes under North Carolina Law
E. Manufactured Housing and “Kit” Homes
F. Commercial Property
1. Retail/Wholesale
2. Shopping Centers and Malls
G. Industrial Property
1. Industrial Parks
2. Light Industry/Heavy Industry
H. Farm and Rural Property
I. Recreational Property
J. Government-Owned Land
IV. Air and Mineral Rights
A. Air Rights
B. Mineral Rights
Chapter Summary
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Relevant Case
Review Questions
Assignment
Terms and Phrases
Chapter 2 Real Estate Professions
I.
Introduction to Real Estate Professions
II. The Law of Agency
A. What Is an Agency Relationship?
B. Creating an Agency Relationship
C. Agent’s Duty to the Principal
1. Obedience
2. Care
3. Loyalty
4. Accounting
D. Ratification
E. Agent’s Duty to Third Parties
1. The Duty of Honesty and Fair Dealing
2. Duty Not to Commit Fraud
a. Material Facts
i. Salesmanship and Puffing
3. Duty to Avoid Negligent Misrepresentation
F. Principal’s Duty to Agent
1. Duty to Compensate the Agent
2. Duty Not to Unfairly Injure the Agent’s Reputation
3. Duty to Cooperate
G. Applying Agency Law to Real Estate Transactions
1. A Real Estate Agent’s Duty of Care
2. An Agent’s Responsibility to Disclose Information
III. Real Estate Professions
A. Real Estate Investors
1. Small Investors and “Fixer-Uppers”
2. Real Estate Investment Trusts
B. Real Estate Agents
1. What Does a Broker Do?
2. The North Carolina Real Estate Commission
3. Becoming a Broker in North Carolina
4. Rules and Regulations Governing Real Estate Brokers
5. Sanctioning Real Estate Brokers
a. Ethical Duties of Real Estate Agents
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6. Continuing Education Requirements for Real Estate Brokers
7. Services Provided by Real Estate Agents
a. Multiple Listing Service
C. Loan Officers
D. Appraisers
1. Real Estate Valuation
2. Real Estate Appraisal
3. Comparative Market Analysis
E. Surveyors
F. The Legal Team
G. Contractors
H. Property Managers
I. Inspectors
1. Real Estate Inspections
2. Inspectors’ Duties
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 3 Legal Estates in Property in North Carolina
I.
What Is an Estate?
II. Fee Simple Estate
A. Rights, Obligations and Limitations of Fee Simple Owners
B. Conditional Fee Simple Estates
1. The Rules Used to Interpret Fee Simple Defeasible Estates
2. Fee Simple Determinable
a. Court Tests for Fee Simple Determinable
Relevant Case: Determining a Fee Simple Determinable Estate
3. Fee Simple on a Condition Subsequent
III. Life Estates
A. Creating a Life Estate
1. Elective Share for Spouses
a. Waiver of Elective Share
B. Remaindermen
C. Waste
D. Merger
E. Rule in Shelley’s Case
F. Renouncing a Life Estate
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G. Life Estate Pur Autre Vie
IV. Concurrent Ownership in Real Estate
A. Tenants in Common
B. Joint Tenancy
1. The Right of Survivorship
C. Tenancy by Entirety
D. Tenancy in Partnership
E. Partition
Chapter Summary
Review Questions
Assignments
Terms and Phrases
Chapter 4 Landlord-Tenant Law
I.
Introduction
II. Freehold versus Non-Freehold Estates
III. Residential Rental Agreements Act
A. Landlords and Tenants Have Mutual Obligations
B. Landlord Duties under the Residential Rental Agreements Act
1. Tenant Suits under Residential Rental Agreements Act
2. Unfair or Deceptive Trade Practices
C. The Tenant’s Duties to the Landlord
1. Ordinary Wear and Tear
IV. The Tenant Security Deposit Act
A. Pet Deposits
B. Late Fees
V. Discriminatory Practices
V. Lead-Based Disclosure
VII. Specific Types of Tenancies
A. Tenancy for Years (Estate for a Stated Period)
1. Termination of an Estate for a Stated Period of Time
2. Notice of Termination
B. Estate from Year to Year (Estate from Period to Period)
1. Termination of an Estate from Year to Year
C. Tenancy at Will
1. Termination of a Tenancy at Will
D. Tenancy at Sufferance
1. Termination of a Tenancy at Sufferance
VIII. Real Estate Leases
A. Types of Leases
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1. Fixed Rent Leases
2. Percent Leases
3. Net Leases
4. Ground Leases
5. Mineral Leases
6. Oil and Gas Leases
B. Creating the Landlord-Tenant Relationship
1. Required Provisions under North Carolina Law
2. Common Lease Clauses and Provisions
a. Renewal
b. Deposits
c. Persons Permitted to Be on the Premises
d. Fixtures
4. Commercial Leases
a. Trade Fixtures
C. Lease Assignments and Sub-Letting
D. Statute of Frauds Concerns in Leases
IX. Eviction
A. Eviction Procedures
B. Wrongful Eviction
C. Act Prohibiting Retaliatory Eviction
D. Expedited Evictions
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 5 Buying, Selling and Transferring Interest in Real Estate
I.
Introduction
A. Voluntary Transfers
1. By Sale
a. A Real Estate Sale Is a Contract
i. Offer
ii. Acceptance
iii. Consideration
iv. Capacity
v. Legality of Subject
b. Other Legal Aspects of a Real Estate Sale
2. By Will
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a. By Intestate Succession
3. By Gift
B. Involuntary or Unwilling Title Transfers
1. By Foreclosure
a. Deeds of Trust
b. Foreclosing a Deed of Trust
i. Requirements of Foreclosure Sales
2. By Condemnation (Eminent Domain)
a. Inverse Condemnation
3. Partition
4. Accretion
5. Escheat
6. Adverse Possession
7. Tax Auctions
Relevant Case: Adverse Possession
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 6 Deeds
I. Introduction to Deeds
A. Defining a Deed under North Carolina Law
1. Deeds Have a Dual Nature
a. Contractual Elements of Deeds
b. Statutory Requirements of Deeds
B. Types of Deeds
1. Gift Deeds
2. Quitclaim Deeds
3. General Warranty Deeds
a. Seisin
b. Quiet Enjoyment
c. Against Encumbrances
d. Further Assurance
e. Warranty Forever
4. Special Warranty Deeds
5. Deeds of Trust
6. Timber Deeds
7. Deed of Correction
8. Sheriff ’s Deed
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9. Tax Deeds
II. Minimum Legal Requirements of Deeds
A. Deeds Must Be in Writing
B. Contractual Elements
C. Clearly Identifiable Parties
1. Grantor
2. Grantee
a. Misnomer
D. Description of the Property Conveyed
1. Plat Reference
2. Reference to Other Public Records
E. Signature
F. Words of Conveyance
G. Deed Must Be Properly Executed
H. Delivery and Acceptance
1. Proving Delivery
2. Delivery in Escrow
I. Non-Essential Deed Terms
1. Consideration
2. Acknowledgment
3. Seal
4. Witnesses
5. Revenue Stamps
6. Date
III. Specific Deed Clauses
A. Granting Clause
B. Habendum Clause
C. Exceptions and Exclusions
IV. Construing the Language in Deeds
V. Recording Statutes
Relevant Cases
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 7 Property Descriptions, Boundaries, Rights and Liabilities
Arising from Land Ownership
I.
Introduction
II. Property Descriptions in Deeds
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A. Patent Ambiguities
1. Parol Evidence Not Allowed to Correct a Patently
Ambiguous Description
B. Latent Ambiguities
C. Metes and Bounds Descriptions
1. Drawing Metes and Bounds Descriptions
D. Other Methods to Describe Property: Government Survey System
E. Other Methods to Describe Property: Reference to a Plat
F. Other Methods to Describe Property: Torrens Registration
III. Water Rights
A. Right to Draw Water
1. Reasonable Use Test
B. Natural Forces That Affect Property Descriptions
1. Accretion
2. Erosion
3. Avulsion
4. Reliction
C. Determining Water Boundaries
1. Navigable Waters
a. Boundary Lines along Navigable Bodies of Water
2. Non-Navigable Water
IV. Lateral Support
V. Premises Liability
A. Classifying Visitors to the Property
1. Trespassers
a. Exceptions to the General Rule of No Duty to Trespassers
i. The Attractive Nuisance Doctrine
2. Licensees
3. Invitees
4. North Carolina Has Abolished the Distinctions between
Invitees and Licensees
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 8 Real Estate Contracts
I.
Introduction to Contract Law
A. Defining a Contract
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1. Offer
2. Acceptance
a. The Power of Acceptance
i. Communicating the Acceptance
ii. Mailbox Rule
b. Counter-Offers
3. Mutual Assent
4. Consideration
5. Legality of Contracts
6. Capacity
II. The Statute of Frauds
III. Formation Issues in Contract Law
A. Mistake
B. Interpreting Contract Language
C. Fraud and Misrepresentation
1. Two Types of Fraud Involved in Contracts
a. Fraud in the Execution of a Contract
b. Fraud in the Inducement
2. The Effect of Fraud on a Contract
3. Statements That Are Not Fraudulent
a. Opinions
b. Sales Statements or “Puffing”
D. Duress, Coercion and Undue Influence
1. Duress
2. Coercion
3. Undue Influence
E. Unfair and Deceptive Trade Practices
IV. Types of Contracts
A. Unilateral and Bilateral Contracts
1. Bilateral Contracts
V. Real Estate Contracts
A. Listing Agreement
1. Open Listing
2. Exclusive Listing
3. Multiple Listing
B. Offer of Purchase and Contract
1. Property Description
2. Purchase of Personal Property
3. Purchase Price Details
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4. Conditions
5. Evidence of Title
6. Property Disclosures
7. Risk of Loss Provisions
8. Closing Provisions
9. Signature Provisions
10. Particular Clauses: Time Is of the Essence
C. Options
VI. Breach of Contract
A. Remedies for Breach
1. Remedies for the Seller
2. Remedies for the Buyer
3. Remedies for the Broker
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 9 Deeds of Trust, Mortgages and Financing Real Estate
I.
Financing the Purchase of Real Estate
II. Mortgage Markets
A. Primary Mortgage Market
B. Secondary Mortgage Market
1. Federal Agencies in the Secondary Mortgage Market
III. Introduction to Mortgages
A. The Title Theory of Mortgages in North Carolina
B. Mortgages versus Deed of Trust
IV. The Basic Components of a Mortgage or Deed of Trust
A. Mortgages and Deeds of Trusts Are Recorded Like Deeds
B. Priority of Mortgages
1. Subordination Agreement
V. Deeds of Trust
A. Typical Deed of Trust Clauses
1. Acceleration Clause
2. Due on Sale Clause
3. Default Provisions
4. The Promissory Note Clause
5. Power of Sale Clause
VI. Foreclosure
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A. Foreclosure under Power of Sale
1. Procedure to Institute a Foreclosure under Power of Sale
B. The Right to Foreclose
1. The First Step in a Foreclosure: The Borrower’s Default
2. The Second Step in a Foreclosure: The Acceleration Clause
3. Notice of Hearing
4. Hearing before the Clerk of Court
5. Advertising the Foreclosure Sale
6. The Foreclosure Auction
7. Upset Bid
C. The Equity of Redemption
VII. Types of Mortgages
A. Fixed Rate Mortgages
B. Adjustable Rate Mortgages
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 10 Public and Private Limitations on Real Estate
I.
Introduction to Public and Private Limitations on Real Estate
II. Public Restrictions on Land Use
A. Zoning
1. The Government’s Authority to Impose Zoning Regulations
2. Zoning Ordinances
3. Typical Zoning Districts and Classifications
4. Zoning Violations and Exceptions
a. Nonconforming Use
b. Variance
c. Conditional Use Permit
5. Unconstitutional Zoning Ordinances
a. Spot Zoning
B. Designating Subdivisions
C. Building Codes
D. North Carolina Coastal Area Management Act
III. Private Restrictions on Land Use
A. Restrictive Covenants
1. Defining Restrictive Covenants
2. Types of Restrictive Covenants
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a. Personal Covenants
b. Real Covenants
i. Touch and Concern the Land
c. Equitable Servitude
3. Creating a Restrictive Covenant
a. Including Restrictive Covenants in a Deed
b. Recording a Declaration of Restrictive Covenants
c. Recording a Plat with Restrictive Covenants
4. Common Features Found in Restrictive Covenants
a. Interpreting Restrictive Covenants
5. Recording Restrictive Covenants
6. Enforcing Restrictive Covenants
7. Unconstitutional or Illegal Restrictive Covenant Provisions
8. Removing Restrictive Covenants
B. Easements
1. Appurtenant Easements
2. Easements in Gross
3. Creating Easements
a. Express Grant
b. Reservation in a Deed
c. By Implication
d. By Necessity
e. By Prescription
f. By Cartway Proceeding
g. By Condemnation (Eminent Domain)
4. Terminating Easements
a. Loss of Purpose
b. Merger
c. Expiration of a Stated Time Period
d. Release
e. Abandonment
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
Chapter 11 Title Searches
I.
Introduction to Title Searches
A. Why Is a Title Search Necessary?
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B. Beginning a Title Search
1. Attorney Approval
2. Information Needed to Begin a Title Search
a. Names of the Current Owners
b. Description of the Property to Be Conveyed
c. Time Period
i. The North Carolina Marketable Title Act
d. Tax ID Number
e. Deed Book and Page Number
f. Additional, Helpful Information
C. Title Search Banks
II. Steps in a Title Search
A. Step 1: Establishing the Chain of Title
1. The Tax Office
a. Tax Maps
2. Creating the Links in the Chain of Ownership
3. The Grantor/Grantee Index
B. Step 2: Establishing the Out Conveyances
1. Reviewing Title Documents
a. Deed of Trust Issues in Title Searches
b. Liens
2. UCC Listings
3. Index of Vital Statistics (Birth and Death Records)
C. Step 3: Checking for Judgments
1. The Clerk of Courts Office
a. The Index to Special Proceedings
D. Step 4: Putting All the Information Together
1. Preparing Abstract Title Forms
E. Step 5: The Preliminary and Final Title Certificates
III. Legal Malpractice Issues in Title Searches
A. Tacking
B. The Paralegal’s Role in Title Searches
V. Payment for Title Searches
Relevant Case
IV. Common Problems in Title Searches
A. Sub-Divided Properties
B. “Missing” Transactions
Chapter Summary
Review Questions
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Assignment
Terms and Phrases
Chapter 12 The Closing
I.
Introduction to Loan Closings
A. Loan Closings Require Close Attention to Detail
II. Preparing for the Closing
A. Financing
B. Contacting the Attorney
C. Setting a Closing Date
1. The Fine Art of Scheduling Closings
D. Gathering Information Necessary to Complete the Closing
1. Loan Payoff Amounts
a. The Seller’s Attorney
2. The Title Search
a. Encroachments
b. Repairing Title Defects
c. The Preliminary Opinion on Title
3. Tax Information
4. The Legal Description
5. Termite and Other Inspections
E. Loan Closing Software
III. The Closing Procedure
A. Preparing the Loan Package
B. Verifying Hazard Insurance
C. Documents Required at the Closing
1. The General Warranty Deed
a. Preparing the Deed
2. Deed of Trust
a. Promissory Note
3. Subordination Agreements
4. Lien Waiver Affidavits
5. IRS Forms
a. IRS Form 4506
b. W-9 Form
6. HUD-1 Settlement Closing Form
7. Bill of Sale for Personal Property
8. Compliance Agreement
9. Credit Insurance or Protection Plan Addendum
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10. Loan Application
11. U.S. Patriot Act Requirements
12. PMI Disclosure
13. Trust Disbursement Records
14. Federal Truth-in-Lending
15. Termite Inspection Letter
16. Survey
a. Seller’s Affidavit
IV. Conducting the Closing
A. People Normally Present at a Closing
1. Attorney
2. Paralegal
3. The Buyers
4. The Sellers
5. Real Estate Agent
B. Disbursing the Funds
1. Lender’s Fees
a. Escrow Accounts for Insurance and Taxes
2. Attorney’s Fees
3. Recording Fees
4. Seller’s Profit on the Transaction
5. Certified Funds from the Buyer
6. Real Estate Agent’s Commission
7. Tax Payments
a. Pro-Rated Taxes
V. Other Closing Issues
A. “Escrow” Closings
1. The Doctrine of Relation Back
B. Dual Representation
C. Disclosures
D. Refinances
E. Title Insurance
VI. After the Closing
A. Filing Issues
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
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Chapter 13 Taxes, Liens and Assessments
I.
Real Property Taxes
A. The Power to Levy Taxes
B. The Types of Property That Can Be Taxed
1. Homestead Exclusion
2. Property Excluded from Tax Calculations
C. Determining the Value of Real Property for Tax Purposes
1. Calculating the Tax Rate
D. Reassessment
E. Enforcing Tax Regulations
1. Tax Liens
a. Tax Lien Priorities
2. Foreclosing a Tax Lien
II. Assessments
III. Liens
A. What Is a Lien?
B. Types of Liens under North Carolina Law
1. Statutory Liens (Mechanics and Materialmen’s Liens)
a. Statutory Liens
C. The Importance of Liens
D. Judgment Liens
E. Perfecting and Enforcing a Lien
Relevant Case
Chapter Summary
Review Questions
Assignment
Terms and Phrases
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Appendix
261
Index
265
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Preface
This is a textbook designed to teach the basics of North Carolina real estate law. Designed with both the instructor and paralegal students in mind, this text seeks a balance
between two competing interests: theory and practice. The theoretical underpinnings of
real estate law are essential for anyone studying the topic, but a student must also have a
solid grasp of the practical aspects, from liens to title searches. The text includes not
only discussions of the theoretical basics of real estate law, but also places a premium on
practical applications, which form the core of a real estate practice.
xxiii
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