Ch. 8 Title Records Flashcards
abstract of title
a summary report of what the title search found in the public records -abstractor repairs the report
actions to quiet title
if ownership can not be traced through an unbroken chain, a gap in the chain of title or cloud on the title is said to exist. it is necessary to establish ownership by court action called action to quiet title
actual notice
Express information or fact; that which is known; direct knowledge -inspected the property
attorney’s opinion of title
used in some areas of evidence of title
certificate of title
statement of opinion of the title’s status on the date the certificate is issued
chain of title
record of a property’s ownership
constructive notice
Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is considered constructive notice that the person in possession has an interest in the property
marketable title
title that is acceptable to a reasonably prudent person and which will not subject the buyer to litigation
priority
order of when documents or liens are recorded
recording
the act of placing document in the public record
subrogation
The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy
title insurance
contract under which the policyholder is protected from losses arising from defects in the title
title search
an examination of the public records to determine whether any defects exist in the chain of title
Torrens system
A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens.
