The Torrens System Flashcards
What are the nature and concept of the Torrens System?
The Torrens systems are systems of registration of transactions with interest in land whose declared object is, under governmental authority, to establish and certify to the ownership of an absolute and indefeasible to realty and to simplify its transfer.
What is a Torrens Certificate of Title?
A Torrens Certificate of Title is an official certificate required by the Torrens system that the government will issue, which attests to the fact that the person named is the owner of the property described therein, subject to such liens and encumbrances as thereon noted or the law warrants or reserves.
Enumerate advantages of the Torrens system.
(a) It has substituted security for insecurity
(b) It has reduced the cost of conveyances from pounds to shillings, and the time occupied from months to days
(c) It has exchanged brevity and clearness for obscurity and verbiage
(d) It has simplified ordinary dealings that he who has mastered the three “Rs” can transact his own conveyancing
(e) It affords protection against fraud
(f) It has restored to their just value many estates, held under good holding titles, but depreciated in consequence of some blur or technical defect, and has barred the re-occurrence of any similar faults.
What is the rule regarding innocent purchaser for value?
An innocent purchaser of value is entitled to protection under our land registration laws.
An “innocent purchaser for value” under the Torrens system includes a lessee, mortgagee, or encumbrancer for value. However, if a purchaser neglects to make necessary inquiries and closes his eyes to facts that should put a reasonable person on guard about a defect in the vendor’s title, the purchaser cannot claim to be an innocent purchaser for value.
What is the purpose of the Torrens system?
(a) To quiet title to the land, to put a stop forever to any question of the legality of the title, except claims which were noted at the time of registration, in the certificate, or which may arise subsequent thereto.
(b) Decree land titles that shall be final, irrevocable, and indisputable, and to relieve the land of the burden of the known as well as unknown claims.
