Chapter 11 Flashcards
information that has been made public. The law presumes a person knows all information made available to the publics.
Constructive Notice
information a person has gained by actually reading, hearing, or seeing.
Actual Notice
Notice that could be presumed by law when a situation exists that indicates a reasonable person would make further inquires.
Inquiry Notice
anything that impairs the marketability of a title. such as: Liens, easements, and deed restrictions on the title
Title Cloud (title defects)
A search of the public records to determine past and present facts regarding ownership of the property.
Title Search (Title examination)
a condensed history of all documents affecting the title
Abstract
is a record of a property’s ownership. a list of all the conveyances from owner to owner of the property
Chain of Title
Used to clear up defects or uncertainty in the title
Quiet Title Lawsuit
Title that is free from major defects that would deter potential buyers of the property
Marketable title
A claim to title that is defective
Color of title.
The lawyer provides an opinion of title status but does not provide any guarantees of the title
abstract of title with lawyer’s opinion
A system used for both assuring and recording title to real estate. This system is used in only a number of states.
Torrens System
A document signed by a lawyer or a title examiner stating the seller has marketable title on a property
Certificate of Title
insures the existence of rights in real estate and pays for losses to the insured become of successful claims to the title by other parties
Title Insurance.
obtaining the legal rights of another party. Used by title insurance companies to defend the insured title against lawsuits from other parties.
Subrogation
