Unit 13 Flashcards
Recorded of Deeds
in counties with more than 60,000 there is a recorded of deeds; under 60,000 county clerk serves as recorder of deeds
Recording
act of playing documents in public record
Tax Deeds
recorded within 1 year after redemption period. Otherwise becomes null and void
Requirements to File doc w/ Recorded
grantor's name below signature address of grantee name and address of who prepared deed PIN common address blank space top right completed transfer declaration proof of payment of state and county transfer taxes proof of payment of municipal transfer taxes if applicable
Notice Types
Constructive - find out info by due diligence
Actual - not only if info is available but they actually know it; aka direct knowledge
Chain of Title
Record of property’s ownership
if not unbroken chain, a gap or cloud is said to exist. Have to go to court to “quiet title” and fix this
Title Search
exam of public records to determine if any defects exist in chain of title. Root goes back 40 years. 75 years if possibility for litigation
Usually ordered after buyer gets their loan commitment and is paid by seller
Abstract of Title
Summary report
Marketable Title
- no serious defects
- not expose purchaser to litigation or threaten quiet enjoyment
- convince purchaser they could mortgage or sell at a later time
Certificate of Title
Statement of opinion re: title status on the date certificate is issued
Title Insurance
a contract under which the policy holder is protected from losses arising from defects in the title
Title Insurance Policy Includes:
name of insured legal description estate or interest covered conditions under which it is issued a schedule of all exceptions incl. encumbrances and defects
Premium paid at closing
Most lenders require EXTENDED COVERAGE policies
