Transfer of Title and Title Insurance

Question 1

Lender’s Insurance Policy - also know as

Answer 1

ALTA / Extended Coverage/ Broad form Coverage

Question 2

Patent deed

Answer 2

First deeds in chain of title - transfer real property from the state or federal government to individuals

Question 3

Strength of title

Answer 3

1. Recorded deed and possession of prop
2. Recorded deed and no possession of prop
3. Unrecorded deed and possession of prop
4. Abstract of title (no deed) and possession
5. Unrecorded deed and no possession

Question 4

Delivery of deed through third party requires

Answer 4

Grantor to hand deed to a neutral third party WITH conditions and instructions to hand to the grantee

Question 5

What are the forms of title evidences and the most common in AZ?

Answer 5

1. Abstract of title aka certificate of title
2. Torrens’s Certificate - not used in AZ
3. Title insurance (most common in AZ)

Question 6

What are the covenants (promises) for conveying deeds

Answer 6

1. Covenant of Seizin - Has right to convey
2. Covenant of Quiet Enjoyment - Defend grantee against claims of third parties
3. Covenant against encumbrances - property is free of any encumbrances

Question 7

What are the available warranties (guarantees) in deed transfer

Answer 7

1. Further assurance - promises to remain responsible for any claims agains title during their ownership period
2. Warranty Forever - Is responsible for all claims before and through ownership

Question 8

Types of deeds:

Answer 8

1. Patent deed

2. Conveying or granting deeds

Question 9

Conveying deed types

Answer 9

1. Bargain and sale deed
2. Beneficiary (death) deed
3. Warranty

Question 10

Bill of sale will not

Answer 10

transfer real estate

Question 11

Disclaimer Deed

Answer 11

Used for denial of spouse’s interest in party

Question 12

At what point does recordation take place?

Answer 12

Docket and page number are assigned

Question 13

What does an owners policy (standard) cover against

Answer 13

1. Rights of parties in possession
2. Unrecorded documents
3. Questions of survey

Question 14

“tacking” refers to

Answer 14

Time added up to statute of limitations - i.e. 10 years for prescription easements