Unit 7: title records Flashcards
abstract of title
The condensed history of the recrded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances afftecting the property and a certification by the abstractor that the history is complete and accurate.
action to quiet title
A court action that established ownership when ownership cannot be traced through an unbroken chain of title.
actual notice
Express information or fact; that which is known; direct knowledge.
American Land title association (ALTA) policy
A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan.
attorney’s opinions of title
an abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning the property’s ownership.
chain of title
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.
Certificate 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.
constructive notice
Notice given to the world by recorded documents. All persons arer charged with knowledge of such documents and their contents, whether or not they have actually examined them. possession of property in also considered constructive notice that the person in possession has an interest in the property.
gap
A defect in the chain of title of a particular parcel of real estate; a missing document or conveyance that raises doubt as to the present ownership of the land.
marketable title
good or clear title, reasonably free from the risk of litigation over possible defects.
priority
The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens.
quiet title
A court action to remove a cloud on the title.
recording
The act of entering or recording documents affecting or conveying interests in real estate in the recorder’s office established in each county. Until it is recorded, a deed or a mortgage ordinarily is not effective against subsequent purchasers or mortagees.
suit to quiet title
A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title.
subrogation
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.
