Recording Acts

Question 0

Title assurance

Answer 0

1. Grantor’s express warranties of title contained in the deed ( runs with the land, contained in the deed, for things that title insurance won’t cover)
2. System of recording land titles
3. Title registration (Torren’s system)
4. Title insurance (contract, does not run with the land)

Question 1

Bonafide purchaser

Answer 1

Purchaser who had no actual, record, or inquiry notice at the time he gave consideration

Question 2

Title registration

Answer 2

The state registers title and issues a title certificate to the owner, which is reissued to each new purchase of the property

Question 3

Recording act

Answer 3

A subsequent BFP is protected against prior unrecorded interests

Question 4

Common law

Answer 4

Prior in time, prior in effect controls unless a person can qualify for protection under the applicable recording statute; goes into effect when no one records

Question 5

Race statue

Answer 5

The person who wins the race to record prevails

Question 6

Notice statute

Answer 6

Protects a subsequent purchaser against prior unrecorded instruments even though subsequent purchaser fails to record, if the subsequent purchaser had notice of a prior unrecorded instrument, the subsequent purchaser would not prevail

Question 7

Race- notice statute

Answer 7

A subsequent purchaser is protected against prior unrecorded instruments if the subsequent purchaser is without notice of the prior instrument and records before the prior instrument is recorded

Question 8

Title insurance

Answer 8

Guarantees that the insurance company has searched the public records and insures against any defects in the public records, unless such defects are specifically excepted from coverage

Question 9

Exclusions of title insurance

Answer 9

Losses arising from governmental regulations affecting the use, claims of persons in possession not shown by the public records, defects that would be revealed by a survey premium