Ch. 8 Title Records Flashcards Preview

Real Estate Financing > Ch. 8 Title Records > Flashcards

Flashcards in Ch. 8 Title Records Deck (14):
1

abstract of title

a summary report of what the title search found in the public records -abstractor repairs the report

2

actions to quiet title

if ownership can not be traced through an unbroken chain, a gap in the chain of title or cloud on the title is said to exist. it is necessary to establish ownership by court action called action to quiet title

3

actual notice

Express information or fact; that which is known; direct knowledge -inspected the property

4

attorney's opinion of title

used in some areas of evidence of title

5

certificate of title

statement of opinion of the title's status on the date the certificate is issued

6

chain of title

record of a property's ownership

7

constructive notice

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 considered constructive notice that the person in possession has an interest in the property

8

marketable title

title that is acceptable to a reasonably prudent person and which will not subject the buyer to litigation

9

priority

order of when documents or liens are recorded

10

recording

the act of placing document in the public record

11

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

12

title insurance

contract under which the policyholder is protected from losses arising from defects in the title

13

title search

an examination of the public records to determine whether any defects exist in the chain of title

14

Torrens system

A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens.