Title insurance and the uniform commercial code Flashcards
A summary of the chain of title
Abstract of title
A title insurance policy that protects property owners from defects in lines in the history of title through the date in time the deed is recorded in the public records
ALTA homeowners policy
A title insurance policy that protects lenders during the life of the loan against loss due to defects in title
ALTA title policy (mortgagee‘s policy)
The complete record of all deeds, liens, etc., as just closed in the public records
Chain of title
Title to real property that is reasonably free of defects and encumbrances, may require an unbroken chain of recorded title going back for a statutory number of years
Merchantable title – also called marketable title
The section of a title insurance policy that list known defects or encumbrances and items that are not covered by the policy
Page of exceptions/Schedule B
A search of liens, encroachments, easements, and any recorded documents in the county records in order to issue title insurance
Preliminary title report
A document that creates a lien on personal property under the uniform commercial code (UCC)
Security agreement
An owners title insurance policy list all possible clouds or problems with title (IE liens, unpaid taxes) that are found in the public record and excludes those items from coverage
Standard owners title policy
The substitution of one claimant or creditor for another, with the substituted party succeeding to the legal rights and claims of the original claimant
Subrogation
A set of indexed public records and documents maintained by a title company that may impact title to real estate
Title plant
A standard set of business laws that regulate financial contracts. This has been adopted by most US states
Uniform commercial code (UCC)
