Flashcards in Chapter 21: Public Records, Titles And Closings. Key Terms Part 1 Deck (21):
Abstract of title
A condensed history of all documents affecting a parcel of real estate.
Constructive notice, or what a buyer could find out.
The information one actually knows.
A sworn statement
After the end of period for which the payment is due.....payment after the service has been rendered.
Attorneys opinion of title
A lawyer's statement after studying and abstract.
Let the buyer beware.
Chain of title
A title traced from each owner of the following one and so on.
An account of debits and credits is for each party.
Notice given to the world by recorded documents. Occupation of property is also considered as giving constructive service.
The money due and payable to one party at closing.
The money to be paid by one party at closing.
A closing handled by a neutral third-party. This is rarely done in New Jersey.
Evidence of title
Abstract, lawyer's opinion, Torrance certificate, or title insurance.
A good or a clear title reasonably free from defects.
Expenses either prepaid or paid in arrears that are divided or distributed between buyer and seller at the closing. A corrective distribution of future expenses.
A counties collection of documents relating to real estate.
Real estate settlement procedures act (RESPA)
The federal law regulating real estate closings. This law ensures that buyer and seller receive / have knowledge of all settlement costs (an accounting).
Administered by the consumer financial protection Bureau (CFPB)
2016 the parties have 10 days to review.
Realty transfer fee
The tax to the state of New Jersey at closing
Suit to quiet title
The court action to remove cloud on title. Cloud on title means an outstanding claim or encumbrance that if valid effects or impairs the owners title.
Title insurance policy
A title companies guarantee of clear title.