Unit 7 Key Terms Flashcards
The condensed history of the recorded ownership of a particular parcel of real estate, consisting of summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
Abstract of title
A court action that establishes ownership when ownership cannot be traced through an unbroken chain title.
Action to quiet title
Express information or fact; that which is known; direct knowledge.
Actual notice
An abstract of title that an attorney has examined and has certified to be, in the attorneys opinion, an accurate statement of the facts concerning the property’s ownership.
Attorney’s opinion of title
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records.
Certificate of title
The succession of conveyance, from some accepted starting point, whereby the present holder of real property derives title.
Chain of title
Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Constructive notice
Good or clear title, reasonable free from risk of litigation of possible defects.
Marketable title
The order of position or time. The _______ of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have _______ over previously recorded liens.
Priority
The act of entering or _________ documents affecting or conveying interests in real estate in the recorders office established in each county. Until it is recorded, a deed or a mortgage ordinarily is not affective against subsequent purchases or mortgages.
Recording
The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy.
Subrogation
A policy insuring a property owner or mortgage against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.
Title insurance
The examination of public records relating to real estate to determine the current state of the ownership.
Title search
A method of evidencing title by registration with the proper public authority, generally called the registrar; names for its founder Sir Robert _______.
Torrens system
