Closing Process Flashcards

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0
Q

Title defects include:

A

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.

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1
Q

Marketable

A

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

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3
Q

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.

A

Chain of title

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4
Q

Court action to remove a cloud in title is called

A

Quiet title action

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5
Q

Title evidence:

A

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

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6
Q

Abstract of Title

A

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.

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7
Q

Certificate of Title

A

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

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8
Q

Title registration (torrens system)

A

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

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9
Q

Title insurance

A

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

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10
Q

Cloud on Title is:

A

Any item limiting or restricting ownership of the property.

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