chapter 13

Question 1

What is public records?

Answer 1

are just that open to the public

Question 2

Where in IL do you record deeds?

Answer 2

must be elected in each county with a population of 60,000 or more, with population of fewer than 60,000, the county clerk serves as the recorder

Question 3

what is recording?

Answer 3

is the act of placing doc in the public record. the rules for recording doc are a matter of state law. Although the details may very, recording provides a written doc that affects any estate, right, title, or interest in land must be record in the county where located to serve as public notice

Question 4

how doc eligible for recording?

Answer 4

to be eligible for recording, a doc must be drawn and excited as stipulated in the recording acts of the state in which the real estate is located

Question 5

what are the requirement for original doc must be filed with county recorder?

Answer 5

1. grantor name typed or printed below is signature
2. full address of the grantee
3. name and address of the person who prepared the deed
4. permanent tax index number
5. common address of the property
6. 3 1/2” and 5” blank space for the use by the recorder (stamp)
7. completed real estate transfer declaration
8. proof of payment of the state and county transfer taxes or indication of any application exemption
9. proof of payment of the municipal transfer tax.

Question 6

what the deed language must be in?

Answer 6

english

Question 7

what is notice?

Answer 7

any one has interest in a parcel of real estate can take certain steps called giving notice

Question 8

what is constructive notice?

Answer 8

is legal presumption that information may be obtained by an person through due diligence

Question 9

what is actual notice?

Answer 9

mean only that the information is available but also that someone has been given the information and actually knows it

Question 10

what is the priority?

Answer 10

this refers to the order of rights in time. many complicated station can affect the priority of the right in a parcel of real estate who record first

Question 11

what is unrecorded doc?

Answer 11

certain types of liens are not recorded.

Question 12

what is mechanic’s liens not been recorded in IL?

Answer 12

this lien that has not been recorded may nonetheless still have priority over liens that been recorded

Question 13

What is chain of title?

Answer 13

is recorded of property ownership Beginning with earliest owner, title may pass to many people is linked to the next so that is chain is formed. an unbroken chain of the title can be traced through linking conveyances from the present owner back to the earliest recorded owner. chain of title does not included liens or any other doc not directly related to ownership

Question 14

what is suit to quiet title?

Answer 14

if ownership can’t be traced through an unbroken chain, a gap or cloud in the chain of title is said to exist, in these case the cloud on the title makes is necessary to establish ownership by a court action

Question 15

what is title search?

Answer 15

is examination of all the public records to determine whether any defects exists in the chain of title

Question 16

How are the ownership is examined with title search?

Answer 16

beginning with present owns then traced backward to it origins. the time back to which the title must be searched is limited in states that have adopted the Markable Title Act. This law extinguishes certain interest and cure certain defect arising before the root of the title. the conveyance that establishes the source of the chain of title

Question 17

How long back can a title search go when ownership is examined?

Answer 17

Normally, the root is considered to be 40 years.

Question 18

what is a normal title search in IL?

Answer 18

each search goes back 40 years under the IL Marketable Title Act. when the possibility of litigation exists, the search must go back 75 years. In cook and du page counties, titles can go back beyond 1871

Question 19

what is abstract of title?

Answer 19

is summary report of what the title search found in the public records

Question 20

what is marketable of title?

Answer 20

under the terms of typical real estate contract, the seller required to deliver marketable title to the buyer at the closing

Question 21

What makes a marketable title?

Answer 21

1. disclose no serious defect and not depend no doubtful questions of law or fact to validity
2. not expose a purchaser to the hazard litigation or threaten the equate enjoyment of the property
3. convince a reasonable well informed and prudent purchaser, acting on business principles and with knowledge of the fact and their legal significance, that he could sell or mortgage the property at a later time

Question 22

what is proof of ownership?

Answer 22

this is evidence that title is marketable.

Question 23

Is a deed consider proof of ownership?

Answer 23

No

Question 24

what is certificate of title?

Answer 24

is statement of opinion regarding title status on the date the certificate is issued, A certificate of title is not full guarantee of ownership.

Question 25

what is abstract and attorney opinion of title?

Answer 25

are used areas, including IL, as evidence of title. this opinion of title status based on review of the protect against defects that can’t be discovered from the public records.

Question 26

what is insurance?

Answer 26

is contract under which placeholder is protected from losses arising from defects in the title. the company determines whether the title is unusable based on review of the public records.

Question 27

what is subrogation?

Answer 27

when a title company make a payment to settle a claim covered by policy. the generally acquired the right any remedy or damages available to the unsure.

Question 28

How is title insurance use in IL?

Answer 28

this is the most commonly used evidence that an owner of IL real property tenders to prospective purchaser or lender as proof of good title. careful listing agents often request a copy of the first page of the title insurance policy for the files or as the the be certain those selling a property have the right to do so.

Question 29

what is coverage for title insurance?

Answer 29

exactly which defect the title company will defend on the type of policy.

Question 30

what is standard coverage for title insurance?

Answer 30

this normally insures the title as it is known form the public records. in addition the standard policy insures against such hidden defect as forged doc, conveyances by incompetent guarantors, incorrect marital statement and improperly delivered deeds.

Question 31

what is extended coverage for title for title insurance?

Answer 31

as provided an American land title association (ALTA) policy, includes the protection of the standard plus additional protection. it protects a homeowner against defect that key be discovered by inspection of the property.

Question 32

what is extended title insurance policy also protects in IL

Answer 32

would offer the buyer proaction against “secret liens”

Question 33

what does title insurance does not offer?

Answer 33

this doesn’t offer guaranteed protection against all defects. A title company will not insure a bad title or offer protection against defects that clearly appear in title search. the policy generally name certain uninsurable losses, call exclusions.

Question 34

what are types of polices?

Answer 34

the different types of polices depend on who is name as the insured. any owner policy issued for the benefit of the owner (new buyer) and owner heirs. the is policy is almost always paid for the by seller at the closing.

Question 35

what is lender policy?

Answer 35

is issued for the benefit for the mortgage company is the policy is usually paid by the buyer at the closing. the amount of the coverage depends on the amount of the mortgage loan. As the loan balance reduced, the coverage decreases.