A through L

A

Acknowledgment - The process of establishing the fact that each signature on an instrument is genuine. An acknowledgment is a type of authentication most often performed by a notary public.

Affidavit - A sworn statement in writing made under oath or an affirmation before an authorized official.

Assignment - A document, that transfers a loan or debt to another, which gives them the right to collect the outstanding balance owed on the debt.

Assumed Name - A document that files or puts on record a business name of an individual, partnership, or corporation other than their own name. (This is also known as "doing business as" or "dba")

C

Cancellation - A process by which the holder of an indebtedness on real estate removes or erases from the record the indebtedness.

Certified Copy - A copy of a document that has the official seal of the office affixed upon it along with the signature of the Register of Deeds or one of her appointees, which certifies that the document is a true copy of the document on file in the Register of Deeds office.

Chain of Title - The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives his or her title.

Consideration - That which is received by the grantor in exchange for his or her deed.

Covenant - A written agreement between two or more parties, which lists or gives stipulations on how the real estate may be used or what may be built or put on the property. These are also commonly referred to as restrictive covenants.

D

Deed - A written instrument that, when executed and delivered, conveys or transfers title to or an interest in real estate.

Deed of Release - A conveyance by the trustees after payment or partial payment for divesting themselves have the legal title or title to part of the property to the original owner. It releases part of the land or collateral from the Deed of Trust so that it may be sold or developed.

Deed of Trust - It is a written conveyance of real property that represents the security for the payment of a debt or the performance of some duty or obligation, all of which shall become void on payment of the debt or obligation. This is a three-party document: the borrower, the beneficiary, and the trustee or trustees who hold the legal title or control of the property.

E

Easement - A document in which the owner of the property gives another the right to use the land for a specific purpose, such as for a right-of-way or utilities. This is most commonly used to give a person access to their property by crossing another's property.

F

File - The act of physically placing a document in the custody of the Register of Deeds office for recording by delivering the document in proper form. The documents, that are accepted by the Register, are time stamped, assigned a unique document number, indexed, and then become an official public record.

Financing Statement - An instrument filed with the Register of Dees in order to give notice of a security agreement regarding personal property. See also the Uniform Commercial Code.

Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title of the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale.

G

Gift Deed - A deed that is executed and delivered in which the grantor transfers title to the grantee without any payment or considerations.

Grantee - A person who receives title or interest in real property from the grantor.

Grantor - The person transferring title to or an interest in real property to a grantee.

I

Indexing - To provide a system for all recorded and filed documents, which indicates where they can be found. The Pender County Register of Deeds Office uses the book and page system for indexing.

Instrument - A legal document, that affects some change in rights and interests; often related to real estate. Many different types of instruments are recorded daily in the office of the Register of Deeds.

L

Lease - An agreement between two parties (grantor and grantee) where one contracts with the other to rent, use, or possess, for a specified amount and period of time, real estate or buildings.

Legal Description - A description of a specific parcel of real estate complete enough for an independent licensed surveyor to locate and identify it.