Pre License NCREC Unit 5

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Unit 5 Vocabulary and study information.

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TYPE of DOCUMENT 1 VIP
DEED is a written instrument by which an owner conveys right, title, or interest in a parcel of real estate to another

DEED
Grantor (seller - giver)
Grantee (buyer - receiver)

TYPE of DOCUMENT 2
Who are : GIVER & RECEIVER
OFFER
Counter Offer
LEASE

GIVER ----------- RECEIVER
OFFER
Offerror (buyer) ------- Offeree (seller)
Counter Offer
Offerror (seller) --- Offeree (buyer)
LEASE
Lessor (landlord) --- Lessee (tenant)

TYPE of DOCUMENT 3
Who are:GIVER & RECEIVER
MORTGAGE
OPTION
INSTALLMENT CONTRACT

GIVER ---------- RECEIVER
MORTGAGE
Mortgagor (Borrower)-Mortgagee (Lender)
OPTION
Optionor (seller) ------ Optionee (buyer)
INSTALLMENT CONTRACT
Vendor (seller) ------- Vendee (buyer)

TYPE of DOCUMENT 4
Who are : GIVER & RECEIVER
WILL
CONTRACT

GIVER -------- RECEIVER
WILL
Devisor (deceased) ----- Devisee (heir)
CONTRACT
Vendor (seller) ------- Vendee (buyer)

Requirements for VALID CONVEYANCE
A valid DEED must contain certain essential elements
1.The DEED must be in ____________
2. The GRANTOR must have legal _______________
3. GRANTEE named with reasonable certainty ______

1. WRITING
2.capacity to execute a DEED
3. must be identified.

Requirements for a VALID CONVEYANCE
4. There must be adequate _______
5. There must be an adequate legal description _____

4. words of conveyance.
5. of the property conveyed

Requirements for an VALID CONVEYANCE
6. The DEED must be signed by _________
7. The DEED must be delivered to and voluntarily____

6. the GRANTORS
7. accepted by the GRANTEE