Property Ownership, Transfer of Title and Land Use 10.1

Question 1

What is a Marketable Title?

Answer 1

A Marketable title is a good title that they can sell, convey, or transfer in the future without issue.

Question 2

How can you insure a good marketable title?

Answer 2

With a reputable Title Insurance Company

Question 3

What is the use of Title insurance?

Answer 3

Title Insurance insures the policyholder against loss due to defects in the title other than those exceptions identified in the policy.

Question 4

The title underwriter’s research is based on the property’s what?

Answer 4

history of ownership

Question 5

How far back does history of ownership go?

Answer 5

all the way back until the patent and root of title when it was first transferred from the Federal Government to a private owner and every transfer after that showing a chain of title.

Question 6

The Title Insurance Company produces what?

Answer 6

Preliminary Title Report, or in other words a Commitment to Issue Insurance.