Unit 13 - Title Records Flashcards
Define Recording
Act of placing documents in the public record
Gives public constructive notice
Define Constructive Notice
Legal presumption that info may be obtained by an individual through due deligence
Define Actual Notice
Not only is the info available, someone has been given the info and knows it
Define Priority
Order of rights in time
Define Chain of Title
The record of a property’s ownership
Define Title Search
Examination of all public records to determine if any defects exist in chain of title
Define Marketable Title Act
Extinguishes certain interests and cures certain defects before root of the title
Define Root of Title
Goes back 40 years into the titles history
Define Abstract of Title
Summary of what the title search found
Define Marketable Title
Must disclose no serious defects
Not expose purchaser to litigation
Convince a well informed purchaser that the property could be sold
Define Certificate of Title
Statement of opinion regarding title status on the date certificate issued
Define Abstract & Attorney Opinion
An opinion of title status based on review of the abstract by an attorney
Define Title Insurance
Contract where policy holder is protected from losses arising from a defective title
Define Standard Title Insurance
Protects against defects found in the title forged documents incorrect marital statements improperly delivered deed
Define Extended Title Insurance
Covers all things listed in the standard title insurance plus
defects through property inspections
examination of survey
unrecorded liens not known by the policy holder
