Unit 13 Flashcards

1
Q

Recorded of Deeds

A

in counties with more than 60,000 there is a recorded of deeds; under 60,000 county clerk serves as recorder of deeds

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2
Q

Recording

A

act of playing documents in public record

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3
Q

Tax Deeds

A

recorded within 1 year after redemption period. Otherwise becomes null and void

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4
Q

Requirements to File doc w/ Recorded

A
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
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5
Q

Notice Types

A

Constructive - find out info by due diligence

Actual - not only if info is available but they actually know it; aka direct knowledge

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6
Q

Chain of Title

A

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

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7
Q

Title Search

A

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

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8
Q

Abstract of Title

A

Summary report

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9
Q

Marketable Title

A
  • no serious defects
  • not expose purchaser to litigation or threaten quiet enjoyment
  • convince purchaser they could mortgage or sell at a later time
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10
Q

Certificate of Title

A

Statement of opinion re: title status on the date certificate is issued

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11
Q

Title Insurance

A

a contract under which the policy holder is protected from losses arising from defects in the title

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12
Q

Title Insurance Policy Includes:

A
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

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