Chaoter Thirteen Flashcards Preview

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Flashcards in Chaoter Thirteen Deck (13):
0

express information or fact; that which is known; direct knowledge. 212

actual notice

1

the condensed history of a title to a particular parcel of real estate, consisting of a 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. 213

abstract of title

2

an abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property's ownership. 215

attorney's opinion of title

3

a statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records. 214-215

certificate of title

4

the succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title. 213

chain of title

5

notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. 212

constructive notice - possession of property is also considered constructive notice that the person in possession has an interest in the property.

6

good or clear title, reasonably free from the risk of litigation over possible defects/ 214

marketable title

7

the order of position or time. Liens determined by the chronological order in which the lien documents are recorded, 212

priority

8

the act of entering or recording documents affecting or conveying interests in real estate in the office established in each county. 211-212

recording

9

a court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title. 213

suit to quiet title

10

a policy insuring the owner or mortgagee 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. 215-216

title insurance

11

the examination of public records relating to real estate to determine the current state of the ownership. 213

title search

12

used in fewer than ten states, provides confirmed certificate of title by the county clerk that requires no further search to validate. 218

Torrens system