M through Z

M

Metes-and-Bounds Description - A legal description of a parcel of land that begins at a well-marked point, and follows the boundaries, using directions and distances around the tract back to the place of beginning.

Modification - A document that alters, adds, or cancels some of the terms or stipulations but leaves the general purposes or effect of the document intact.

Mortgage - A pledge of real estate as security for the payment of debt. Also, the document creates a mortgage.

Mortgagee - A lender in a mortgage loan transaction. The mortgagee receives the mortgage document and keeps it until the loan is satisfied.

Mortgagor - A borrower who uses his or her property as security for a loan.

P

Parcel - A specific tract of real estate defined by a legal description and used for tax purposes, among others.

Partnership - A voluntary association of two or more persons who jointly own and carry on a business for profit.

Personal Property - Items that do not fit into the definition of real property; moveable objects.

Plat - A map of a town, section, or subdivision indicating the location and boundaries of individual properties.

Power of Attorney - A written instrument authorizing a person to act as agent on behalf of another person which may or may not be limited to stipulations as set out in the instrument.

Q

Quitclaim Deed - A deed, which is used to obtain a release from a person who is believed to have some interest in or claim to property. The grantor "quits" any claim he/she may have had without warranties or obligations.

R

Real Estate - Land, including all things permanently attached thereto, whether by nature or by a person.

Recording - the act of entering or registering documents affecting or conveying interests in real estate in the Register of Deeds Office. Documents are recorded to enable the owner of an interest in property to give public notice of that ownership.

Revocation of Power of Attorney - A document, which removes or takes away the authority of a Power of Attorney.

S

Satisfaction - A document acknowledging the payment of a debt that terminates the effectiveness of a security instrument such as a mortgage or deed of trust.

Subdivision - A tract of land divided by the owner into blocks, building lots, and streets according to a rerecorded subdivision plat, which must comply with state regulations and the local subdivision ordinance.

Subordination Agreement - To place in lower order, class, or rank. An agreement for a document to be placed in order behind or lower than a subsequently recorded document.

Substitution of Trustee - A document through which the beneficiary, owner, or holder of the note replaces or appoints a new trustee on a Deed of Trust.

Survey - The process by which boundaries are measured and land areas are determined; performed by a licensed land surveyor.

T

Title - A legal action or document that justifies or substantiates ownership of property.

U

Uniform Commercial Code - A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions. NC UCCs are defined under Chapter 25, Article 9 of the North Carolina General Statutes to provide a method of giving notice of a security interest in personal property to interested third parties. To give notice of the security interest, a financing statement must be recorded.

V

Vital Records - According to the NC Administrative Code vital records mean birth, death, fetal death, marriage, divorce, and data related thereto; Note: Divorces are filed in the Clerk of Court's Office and not in the Register of Deeds Office.

W

Warranty Deed - A deed in which the grantor fully warrants good and clear title, and guarantees that his predecessors have no interest in the title.