Title, Title Insurance, And Closing Flashcards
Who receives title through a deed of conveyance?
Grantee
Deed restrictions that run with the land and liens are
Encumbrances
Escrow company works for
Buyer and seller
A deed is legally enforceable when it is
Recorded
What is the purpose of a closing statement?
Show all money/costs involved in a transaction
Who signs the settlement sheet
Buyers, seller and escrow agent
The covenant of seisin promises
The grantor has the right to convey the property
What impact does title insurance have on a property value?
None
How do you know the title search has been completed?
The abstract of title will be complete
When must PMI be paid at closing?
When a loan is greater than 80% LTV
Owners title insurance protects
The buyer
Do principal payments show on a closing statement?
No
Who gets credited and debited for taxes at the close of escrow?
Debit seller, credit buyer
The difference between debits and credits is the amount…
Needed to close escrow and balance
Are security deposits prorated when buying rental property?
No, they are transferred.
Owners title insurance policy does not cover
Parties in possession
Which deeds have the best warranties
General warranty
When the escrow company turns he matter over to the court to settle the dispute it is called
Interpleader
If a property is sold with no ingress or where is must be stated on the
Deed
The document that is recorded with the deed is the
Affidavit of value
What is used to help the assessor determine property value for taxation?
An affidavit of valor is used by the county assessor.
The point when the docket and page number are assigned is
Recordation
Can real estate sales people give advice on how to take title
No
Is there a transfer tax when selling property in Arizona?
No
An extended policy of title insurance covers
Encroachments
In order for the deed to be recorded it must be
Signed and acknowledged
When a party is given a life estate based on the life of another person it’s called
Pur Autre Vie
Is color of title a title?
No
