Transfer of Title 7%

Question 1

Chain of title?

Answer 1

Begins with current owner

Question 2

Abstract of title?

Answer 2

A summary of the title’s history

Question 3

Marketable Title

Answer 3

Has no defects or clouds to which a reasonable buyer would object

Question 4

Insurable Title

Answer 4

Has known defects but title company has notified the parties of the defect and has agreed to insure against it.

Question 5

Title officially changes___?

Answer 5

hands when the Grantor delivers the deed to the grantee and the grantee accepts it.

Question 6

Special warranty

Answer 6

Free of debt or encumbrances not noted in the deed; most often used in conveying commercial property

Question 7

Quitclaim deed

Answer 7

Carries with it no warranties to the grantee

Typically used with foreclosures cause it is the most immediate transfer

Question 8

Trustee’s deed

Answer 8

Executed by a trustee to convey land held within a trust

Question 9

TRID: TILA/RESPA

Answer 9

The LE and CD combine to become the TRID

Question 10

3rd party warranties

Answer 10

Both FHA and VA require new home builders to purchase 3rd party warranties to protect buyers of newly built homes financed with FHA or VA Loans

Question 11

Schedule of exceptions

Answer 11

Details any limitations, reservations, or encumbrances on a property

Question 12

Reconveyance deed?

Answer 12

Used with a trust deed to clear the title of any liens related to the note and trust deed.