Title And Ownership Flashcards
The right to, or ownership of land
Title
Includes rights of possession, occupancy, use, enjoyment, and disposition of real property
Ownership
Any change of ownership; involves transferring ownership rights and interest in real property from one person to another
Alienation of title
What are the 3 types of titles?
- Legal title
- Equitable title
- Bare legal title
The right of ownership, possession, use, occupancy, and enjoyment of a parcel of real property held by an owner
Legal title
The interest held by one party to purchase property before closing
Equitable Title
Describes title that lacks the usual rights and privileges associated with ownership (naked title)
Bare legal title
On record
Notice
What are the 3 types of notice recognized in real estate law?
- Actual Notice
- Constructive Notice
- Inquiry Notice
That an individual has seen, or been given, actual information or documentation
Actual Notice
A legal notice that means information has been made available to the public
Constructive notice
A legal notice that is presumed by law when factors exist that would make a reasonable person inquire further
Inquiry notice
The documentation of a title
Deed
A formal declaration made by a person who has signed a document before an authorized officer, usually a notary public
Acknowledgment
A title free from reasonable doubt as to who the owner is
Marketable title
Contingency: makes the contract null and void
Provision
Example: one of your neighbors fail to notice that their garden, trees, shed is in the parcels backyard
Encroachment
Consist of an examination of the public records usually performed by a title company or abstractor
Title search
Shows all changes in ownership; each owner is a link in the chain
Chain of title
Any document, claim, unreleased lien, or encumbrance that makes clear title doubtful (gap in the chain of title)
Cloud on title
Establish ownership through court action
Suit to quiet title
Summarizes what the title searcher found in the public record (grants, conveyances, wills, and judicial proceedings affecting the property)
Abstract of title
Based on a full examination of the public record but frequently only identifies the present owner of record and lists only existing encumbrances
Certificate of title
Measures the boundaries of a land area and locates all improvements (buildings, fences, driveways)
Survey
The title appears to be good and valid, but a defect actually renders it invalid, a person may obtain good title under:
Color of title
Under color of title, an adverse occupant may tack on his period of possession to that of a prior adverse occupant
Tacking
