Title Assurance

Question 1

3 Types of recording acts

Answer 1

Notice Statute = last BFP to take
Race Notice Statute = B must be BFP & first to record
Race Statute = First the record wins regardless of BFP status

Question 2

Criteria to be a BFP

Answer 2

1) B purchased for value
- Value = substantial pecuniary consideration
- Cannot be devise, descent or gift
2) At the time, B had to be without notice that another buyer got there
- Actual = learned O had already conveyed to someone else
- Inquiry = whether or not B did it he is on notice of whatever a routine inspection would have brought
- Record Notice = B is on notice if at the time B takes, A’s deed was properly recorded within chain of title

Question 3

Chain of Title

Answer 3

• Series of recorded documents that give constructive notice to a subsequent purchaser
• Deed is valid & good against grantor if it is lawfully executed and delivered without recordation

Question 4

Wild Deed

Answer 4

• If the deed entered on the records has a grantor unconnected to the chain of title
• Incapable of giving record notice of its contents to anyone it will not be found in a routine title search
• As if it was never recorded

Question 5

Estoppel by Deed

Answer 5

One who conveys realty in which he has no interest is estopped from denying its validity of the transfer if he subsequently acquires the interest that he had previously purported to convey