Titles Flashcards
The sum of all the facts which ownership is founded is called
TITLE
A title search is usually ordered by the
Lender
The lender usually orders the title search in order to ensure that
no lien is superior to the mortgage lien
A summary of all the instruments affecting the title and all encumbrances affecting the property is a
ABSTRACT TITLE
TITLE is established by evaluating an
Abstract of title
A title which is free of reasonable doubt as to ownership is a
Marketable title
The record of ownership transactions that connects the present owner to the original source of title is tgd
Chain of title1
Since the enactment of the Statute of Frauds in England in 1677, the transfer of ownership of real property has been shown through the use of
written deeds
Eliminating doubt about who holds the most current title to a property is th4e primary reason for
Public records
The PRESUMPTION that anyone interested in acquiring a parcel of property will inspect the property and check the public records is part of
CONSTRUCTIVE NOTICE
Constructive notice is the legal fiction that signifies that a person or entity should have known, as a reasonable person would have, of a legal action taken or to be taken, even if they have no actual knowledge of it.
According to law, if an interested party wants to determine ownership of property he should inspect the records AND
look to see who occupies it.
It makes sense:
Notice based on what you have seen, heard, red or observed is called
`ACTUAL NOTICE ; duh!
Records on property ownership are usually maintained at the ____
level of government
county or city
**Actual notice comes from what is seen or heard
**The purpose of recording deeds is to give Constructive notice
The first step in establishing a Torrents Land Title is
file for a quiet title action
