Chapter 13 - Real Estate Title Records

Question 1

Recording

Answer 1

The act of entering documents and deeds into the book of public record

Question 2

Tax Deed recording limitation

Answer 2

Must be recorded within one year after the redemption period expires. If not it is null and void.

Question 3

Requirements of Deeds

Answer 3

• Grantor’s name typed or printed below his signature
• Full address of the grantee
• Name and address of the person who prepared the deed
• Permanent tax index number (required only in some counties)
• Common address of the property (required only in some counties)
• 3½” × 5″ blank space in upper right-hand corner of first page for use by the recorder
• Completed real estate transfer declaration
• Proof of payment of the state and county transfer taxes or indication of an applicable exemption
• Proof of payment of the municipal transfer tax (if applicable)

Question 4

Notice

Answer 4

Steps that an interested party in real estate takes to make sure others know about their intentions.

Question 5

Constructive Notice

Answer 5

Presumption that certain info may be found by an individual through their own due diligence. Example: recording a deed into public record serves as a constructive notice of ownership to the general public

Question 6

Actual Notice

Answer 6

You have been given the information by hand.

Question 7

Priority

Answer 7

Is the order of position in time relating real estate documents.

1. Record satisfaction of the seller’s mortgage
2. Buyer’s name
3. New Buyer’s mortgage

Question 8

Unrecorded Documents

Answer 8

Liens that are not recorded until after a certain time has passed.

Question 9

Chain of Title

Answer 9

History record of a property’s ownership and conveyance

Question 10

Quiet Title

Answer 10

The court action caused by a Missing link in the Chain of titles that creates a gap or cloud in the chain of title.

Question 11

Gap Coverage

Answer 11

When the commitment date varies from the closing date it creates a gap in time

Question 12

Title Search

Answer 12

Process of analyzing all the public records of all transactions to determine whether any title defects which could interfere with chain of title.

Question 13

Marketable Title Act

Answer 13

This law extinguishes certain interests and cures certain defects arising before the root of the title.

Question 14

Abstract of title

Answer 14

Summary of history of what the title search found

Question 15

Marketable Title

Answer 15

Good, clear title reasonably free from defects could be proposed in any potential litigation. Does not mean title is perfect.

Question 16

Equitable Title

Answer 16

Right to obtain absolute ownership of the property during the time that legal title is held in another’s name during the process of conveyance.