Chpt 8 Title Records Flashcards
The legal presumption that information may be obtained through diligent inquiry
Constructive notice
When an individual is actually aware of a fact, they are said to have this type of notice
Actual notice
The order in rights in time, such as who recorded first, which party was in possession first, et cetera
Priority
The record of a properties ownership
Chain of title
A legal action to remove a cloud on a title and establish legal ownership
Action to quiet title
An examination of public records to determine if any defects exist in a properties history of ownership
Title search
The individual who prepares a summary report of the results of a title search
Abstractor
A contract under which a policyholder is protected from losses arising from defects in title
Title insurance
Title problem that is created by a gap in the chain of title or other dispute of ownership
Cloud on the title
The act of placing documents in the public record
Recording
To protect a buyer, in some states, a —- is conducted as soon as an offer to purchase has been made
Preliminary title search
The type of notice that means the information is not only available but that someone has been given the information and is aware of it
Actual notice
If a title has no setups defects, does not expose a purchaser to litigation and does not cause the property to have a poor likelihood of resale, it is called
Marketable title
Rather than a certificate of title, in some parts of the country an attorneys—- is used as evidence of title
Opinion of title
The premium for title insurance is paid
Once, at closing
Uninsurable losses, such as zoning ordinances, named in a title insurance policy are called
Exclusions
A summary report of what a title search found in the public record is called a
Abstract of title
The standard coverage title policy insures against hidden defects, such as
Improperly delivered deeds
Registration in the —– provides evidence of title without needing to make additional searches of public record
Torrens system
The legal presumption that information about rights in a property may be obtained by a person through diligent questioning and research is called
Constructive notice
Mortgagee title policies protect which parties against loss?
Lenders
A standard title insurance policy protects against
Improperly delivered deeds
Policies of title insurance are referred to as
Title Insurance
