Closing Process

Question 0

Title defects include:

Answer 0

Claims of interest in property by missing heirs or breaks and gaps in the chain of title where ownership cannot be traced from owner to the next.

Question 1

Marketable

Answer 1

The title must be free from reasonable objections- no serious defects, liens or encumbrances clouding the title.

Question 3

Complete record of all the recorded instruments affecting the subject property back to the original source, which is often a conveyance from the gov to a private person.

Answer 3

Chain of title

Question 4

Court action to remove a cloud in title is called

Answer 4

Quiet title action

Question 5

Title evidence:

Answer 5

Evidence of marketable title and assurance that someone other than he will take whatever action necessary to make the title marketable.

Question 6

Abstract of Title

Answer 6

A digest in chronological order of the title history to a particular parcel or real estate.full historical summary but holds no guarantee or insurance of title.

Question 7

Certificate of Title

Answer 7

An opinion if the title without the title abstract. Searched pub records- led to title being properly vested in present owner.

Question 8

Title registration (torrens system)

Answer 8

Owner submits an abstract of title to the court and files a quiet title suit.

Question 9

Title insurance

Answer 9

An instrument or doc that protects insured parties against loss by encumbrances, defective title, or adverse claim to title.

Question 10

Cloud on Title is:

Answer 10

Any item limiting or restricting ownership of the property.