Title Records Flashcards
Constructive Notice
the legal presumption that information has been obtained by an individual through due diligence
Actual Notice
not only that information of an interest in property is available but also that someone is actually aware of it
Recording
the act of placing documents in the public record
Priority
the order in which documents or liens were recorded
Chain of Title
the record of a property’s ownership
Action to Quiet Title
when there is a cloud on the title it is necessary to establish ownership by court action
Title Search
an examination of the public records to determine whether any defects exist in the chain of title
Abstract of Title
a summary report of what the title search found in the public records
Abstractor
the person who prepares the full abstract of title by searching public record
Marketable Title
title that is acceptable to a reasonably prudent person and which will not subject the buyer to litigation
Certificate of Title
a statement of opinion of the title’s status on the date the certificate is issued; it is not a guarantee of ownership
Attorney’s Opinion of Title
based on the review of the abstract of title; does not protect against defects
Title Insurance
a contract under which the policyholder is protected from losses arising from defects in the title
Subrogation
the title company’s right to any remedy or damages available to the insured
American Land Title Association (ALTA)
extended coverage for title insurance