Chapter 8-- Yellow Text Title Records Flashcards
Recording
the act of placing documents in the public record. Written documents must by recorded in the county where the land is located.
Gives legal priority to those recorded first. (first come, first served)
Eligible for recording
a document must be drawn and executed according to state law
Constructive Notice
the legal presumption that info has been obtained by an individual through due diligence.
Actual Notice
an individual has direct knowledge of documents in the public record and facts revealed by an inspection of the property.
Priority
First Come, First Serve refers to the order of when documents or liens were recorded
Chain of title
the record of a property’s ownership
Action to quiet title or (a suit to quiet)
a court action that establishes ownership when ownership cannot be traced through an unbroken chain of title
Marketable Title
good or clear title
Title search
an examination of the public records to determine weather any defects exist in the chain of title.
Abstract of title
Summary report of what the title search found in the public records
Abstractor
person who prepares an Abstract of title
Certificate of title
a statement of opinion of the title’s status on the date the certificate is issued.
attorney’s opinion of title
it is an opinion of title status based on a review of the Abstract
Title insurance
a contract under which the policyholder is protected from losses arising from defects in the title.
Subrogation
The right acquired by the title co to any remedy or damages available to the insured when a title co makes a payment to settle a claim covered by the policy (Y124)
