Chapter 8-- Yellow Text Title Records Flashcards Preview

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Flashcards in Chapter 8-- Yellow Text Title Records Deck (18)
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1

Recording

the act of placing documents in the public record. Written documents must by recorded in the county where the land is located.

Gives legal priority to those recorded first. (first come, first served)

2

Eligible for recording

a document must be drawn and executed according to state law

3

Constructive Notice

the legal presumption that info has been obtained by an individual through due diligence.

4

Actual Notice

an individual has direct knowledge of documents in the public record and facts revealed by an inspection of the property.

5

Priority

First Come, First Serve refers to the order of when documents or liens were recorded

6

Chain of title

the record of a property's ownership

7

Action to quiet title or (a suit to quiet)

a court action that establishes ownership when ownership cannot be traced through an unbroken chain of title

8

Marketable Title

good or clear title

9

Title search

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

10

Abstract of title

Summary report of what the title search found in the public records

11

Abstractor

person who prepares an Abstract of title

12

Certificate of title

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

13

attorney's opinion of title

it is an opinion of title status based on a review of the Abstract

14

Title insurance

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

15

Subrogation

The right acquired by the title co to any remedy or damages available to the insured when a title co makes a payment to settle a claim covered by the policy (Y124)

16

owner's policy

issued for the benefit of the owner and the owners heirs or devisees and is issued for the property's purchase price.

17

Lender's policy

is issued for the benefit of the mortgage lender

18

Torrens system

a legal registration system used to verify ownership of Real Estate.