Definitions Of Commonly Recorded Documents

 Definitions    
AFFIDAVIT   A document that gives a written or printed declaration or statement of facts and is confirmed by an oath or affirmation.
ASSIGNMENT   A document that transfers a loan or debt (Deed of Trust and Note) to another, which gives a third party the right to the money collected in payment of the debt.
ASSUMED NAME   A document that puts on record the business name of an individual, partnership or corporation. (Also known as Doing Business As or DBA.)
CANCELLATION   A document or process that revokes, removes or erases the debt on real estate indicated by the recording of a Deed of Trust.
CERTIFICATE OF SATISFACTION   A document drawn by the beneficiary, owner or holder of the note to cancel the Deed of Trust.
COVENANTS   Covenants are a list of stipulations as to how real estate may be used or what may be built or put on the real estate. (Also known as restrictive covenants.)
DEED   A document that legally transfers ownership of property (real estate) from one person (grantor) to another (grantee).
DEED OF EASEMENT   A document in which the owner of real estate gives another the right to use owner's land for a special purpose such as access across one's property to get to another’s property.
DEED OF GIFT   A deed executed and delivered without consideration, or payment.
DEED OF RELEASE   A conveyance by the trustees after payment or partial payment for divesting themselves of 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   An instrument that secures the repayment of a sum of money or the performance of other conditions. 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.
ELECTRONIC DOCUMENT    Any recordable document submitted, transmitted and processed electronically.
LEASE   An agreement between two parties (grantor and grantee) in which one contracts with the other to rent, use or possess, for a specified amount and period of time, real estate or buildings.
MODIFICATION DEED OF TRUST   A document that alters, adds or cancels some of the terms or stipulations but leaves the general purposes or effect of the document intact.
NOTICE OF FORECLOSURE   A document recorded to notify the public of proceedings in which property is being repossessed by the lender, usually for non-payment or non-performance of the conditions of the note and Deed of Trust.
NOTICE OF SATISFACTION   A document drawn by the trustee or substitute trustee on a Deed of Trust to cancel the document.
PARTNERSHIP   A voluntary contract between two or more competent persons to place their money, effects, labor and skills in business with the understanding that they will share profits and losses between them.
GENERAL PARTNERSHIP   Two or more who share more or less equally in the investment, responsibility and profit and loss. General partnerships are filed with the Register of Deeds.
LIMITED PARTNERSHIP   One or more general partners who conduct or run the business and have one or more special partners who are essentially only investors who share in the profits. Limited partnerships are filed with the North Carolina Department of the Secretary of State.
POWER OF ATTORNEY   An instrument authorizing someone to act as one’s agent or on one’s behalf.
QUITCLAIM DEED   A deed of conveyance intended to pass partial title or interest in property.
REQUEST NOTICE   A request by someone, usually a subsequent or second Deed of Trust and note holder, to be notified of any sale or foreclosure on property to allow them to take action to collect a lien.
REVOCATION OF POWER OF ATTORNEY   A document that removes or takes away the authority of a power of attorney.
RIGHT OF WAY   The right of passage across another’s property.
SATISFACTION OF SECURITY INSTRUMENT   A document made by the beneficiary on the Security Instrument when the obligation has been fulfilled to terminate the record previously filled with a Deed of Trust.
SUBORDINATION AGREEMENT   An agreement for a document to be placed in order behind or lower than a subsequently recorded document. (Example: Agreement for a first lien Deed of Trust to be put behind or follow the second lien Deed of Trust.)
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.
TRUSTEE'S SATISFACTION OF
DEED OF TRUST
  A document made by the Trustee or Substitute Trustee on the Security Instrument when the obligation has been fulfilled, to terminate the record previously filled with a Deed of Trust.
WARRANTY DEED   A deed in which the grantor binds himself and his heirs to warrant or extend to the grantee and his heirs the title conveyed against the claims of all persons. He warrants or guarantees the title to the grantee.