TITLE AND RECORDING ACTS

Question 1

THREE METHODS OF TITLE ASSURANCE- how we double check bluff

Answer 1

1. title covenants: teh grantor promises in teh deed that he has good title to convey
2. title opinion based on search of piublic records: an attorney or other professional renders an opinion about the state of titele after searching public records
3. Title insurance: a title insurance company issues a polocy yhat insures the grantee’s life.

Question 2

Three types of deeds:

Answer 2

1. general warranty deed- most strong, grantor warrants against all defects .
2. special warranty deed- these provide less title warranty than general. The grantor warrants titles against defects caused by the grantor.
3. quitclaim deed- The grantor makes no warranties as to the health of the title.

Question 3

Competing Titles?

Answer 3

At common law- First in time, first in right!

Question 4

Competitng titles- first in time

Answer 4

At common law, if a grantor transferred the same title in land to multiple grantees, the grantee’s deed that was delivered first prevailed (acquired rightful title). In the absence of a recording statute, the common law rule controls.
o This has been abandoned in all 50 states.
- However, every state has adopted a recording statute that modifies the common law rule for competing claims to title. The concept of notice is crucial to apply these modified recording statues. There are three types of notice:

Question 5

Three types of notice

Answer 5

l. Actual notice
2. Record notice
3. Inquiry notice

Question 6

Actual notice

Answer 6

A bfp has actual notice when he has personal knowledge of a prior interest.
Did someone actually tell Bobby that o conveyed greenback to Amy