Ch7: Title Records Flashcards
Public Records
detailed info on parcel by county, incl: deeds, encumbrances, liens, judgments, covenants, plat maps
Recording
act of adding docs to public record
Notice
let others know about individuals ownership interest in RE in a public way: Constructive notice, Actual notice, Inquiry notice
Constructive notice
legal presumption that info may be obtained through diligent inquiry
Actual notice
info has been provided, and info is known
Inquiry notice
law presumes reasonable person would obtain information through further inquiry
Priority
refers to the right in time- who is paid first
Unrecorded Documents
title company only provides info regarding public record
Chain of Title
Chronological order summary report of property owners
Abstractor
prepares abstract title
Marketable Title
requires seller to provide good & marketable title to buyer @ closing
Proof of Ownership
evidence title is marketable
Title Insurance
contract which policy holder protected from losses arising from defects in title-premium paid by who chooses title company
Coverage
normally insures title as known from public records, against hidden defects
Owners Extended Coverage
more coverage
