Ch. 11

Question 1

Abstract of Title

Answer 1

The buyer’s chosen title company would conduct a title search known as an abstract of title. If a favorable abstract of title is produced showing marketable title, then the title insurance for the property will be issued.

Question 2

Boundary Survey

Answer 2

This identifies property boundary lines and corners sufficiently well to establish the physical position and extent of the boundaries. It is needed for an owner who is erecting a fence.

Question 3

Buyer’s Right of Selection

Answer 3

MD required that the following notice be provided within the sales contract: YOU ARE ENTITLED TO SELECT YOUR OWN TITLE INSURANCE COMPANY, SETTLEMENT COMPANY, ESCROW COMPANY, OR TITLE ATTORNEY.

Question 4

Location Drawing

Answer 4

It provides a plat of the property that shows the location of any improvements. It costs less than a boundary survey and is sufficient for most residential resales and refinancing situations.

Question 5

Marker

Answer 5

Monuments, stakes, and markers are all utilized by surveyors for the sake of defining legal descriptions and boundary lines. It is a misdemeanor to intentionally move or damage any markers on property belonging to another person.

Question 6

Settlement Officer

Answer 6

An individual representing the title company. Settlements in MD must be performed by, or under the supervision of, an attorney.

Question 7

Title Insurance

Answer 7

A policy insuring a property owner or a lender against loss due to defects in the title.

Question 8

Title Search

Answer 8

Evidence of title, such as an abstract of title, that can result in issuing a title insurance.