Chapter 22 Review: Title Search and Deeds Flashcards
In order for a document to be recorded at the registry of deeds, it must be ___________________ by a public official who certifies the signing of the document
acknowledged or notarized
Under a Race statute, the buyer who records _____ is the legal owner
first
Under a Notice statute, the second buyer gets title if the prior owner
did not record
Under a Race-Notice statute, a second buyer who records ____ and who does not have _____ of a prior sale is the owner. (Maine is a Race-Notice state.)
first
notice
Legal notice that anyone can find if they look for it at the registry of deeds is called _________ notice
constructive
Actual notice occurs when the party has _______ ________ of the information.
actual knowledge
A ________ lien is placed against both real and personal property; an example is an IRS lien
general
A ______ lien is placed against a specific property
specific
A mortgage is an example of a ______ lien
voluntary
A mechanic’s lien, placed by a carpenter who was not paid for his labor, is a type of ________ lien
involuntary
When a property is sold, the senior lien is paid _____. Property taxes and special assessments are always paid before any other lien
first
Junior lienholders are paid in the order of ______ at the registry of deeds
recording
A document recorded at the registry of deeds that notifies the public that real estate is the subject of a lawsuit is called a ___ ______
lis pendens
A U______ C________ C____ financing statement notifies the public and the title examiner that there is something in the property for which the owner owes money (like a furnace)
Uniform Commercial Code
An encumbrance is anything that diminishes the
Examples are liens, mortgages, judgments, lis pendens, easements, encroachments, deed restrictions and zoning ordinances.
value or use of the property
The person who is professionally trained to conduct a title search is an ________________.
Her first step is to establish a _____________ that goes back ________ to a ______________.
Then she develops the _______________ which is a condensed history of anything that affects the title
abstractor or title examiner chain of title 40 years warranty deed abstract of title
The title company attorney prepares the
Certificate of Title
Any claim that creates a problem and has to be cleared before the title can be transferred is called a _______ on the title
cloud
Unlike other types of insurance, title insurance will cover
past mistakes
Lender’s title insurance covers the
loan balance
Owner’s title insurance is for the
purchase price
Voluntary alienation is accomplished with a deed. The owner/seller is the _____ and the buyer is the ______. To convey title, all owners/sellers must sign the ____. Only the grantors sign the deed. Their signatures must be acknowledged by a notary in order for the deed to be recorded at the registry of deeds
grantor
grantee
deed
The granting or habendum clause states the ________of the grantor (fee simple absolute, life estate in reversion, etc.).
intention
In a warranty deed, the covenant of _____ assures the grantor has the right to sell the property.
The grantor guarantees that there are no undisclosed ____________ in the covenant against encumbrances.
The grantor guarantees that there will be no claims against the title in the covenant of _______________.
The grantor promises to defend title forever in the __________________.
The grantor promises to do anything to defend the title in the covenant of ________________
seisin encumbrances quiet enjoyment covenant of warranty forever further assurances
If a seller does not want to guarantee title back in time, but only for the time of her ownership, she would grant a ________________ deed
Special Warranty
A _______________ deed implies ownership and possession, but does not contain any warranties
Bargain and Sale
A _____________deed transfers title or releases interest in a property; the owner makes no warranties about the title
Quit Claim
A person responsible for the settlement of a decedent’s estate may grant a ___________________ deed
Personal Representative
When real estate is given to a person named in a will, it is said to transfer by
devise
A person who receives real property when someone dies without a will receives it by
descent
Five types of involuntary alienation include:
Mortgage foreclosure Eminent domain Tax lien foreclosure Escheat Adverse Possession
To assert ownership by adverse possession, one must meet five conditions:
Continuous and uninterrupted use (for 20 years in most states) Open and notorious use Adverse to the true owner’s possession Hostile Claim of right
In addition to being transferred by a deed, voluntary alienation may be accomplished by devise, descent, or ________ which occurs when someone gives property to the government.
dedication
