CHAPTER 9 TRANSFER OF TITLE

Question 1

___ of ___- A history of conveyances and encumbrances affecting the title from the time
the original patent was granted, or as far back as records are available, used to determine
how title came to be vested in current owner.

Answer 1

Chain of Title -

Question 2

___ of ___- A summary or digest of all transfers, conveyances, legal proceedings,
and any other facts relied on as evidence of title, showing continuity of ownership, together
with any other elements of record which may impair title.

Answer 2

Abstract of Title

Question 3

___ title - Title which a reasonable purchaser, informed as to the facts and their
legal importance and acting with reasonable care, would be willing and ought to accept.

Answer 3

Marketable Title

Question 4

___ of ____- - An attorney’s written evaluation of the condition of the title to a parcel
of land after examination of the abstract of title.

Answer 4

Opinion of Title

Question 5

___ ___- - Insurance to protect a real property owner or lender up to a specified
amount against certain types of loss, e.g., defective or unmarketable title.

Answer 5

Title Insurance -

Question 6

___ title- exists if the land records show that the
seller owns the property and that the seller can convey the property free of any significant claims,
encumbrances, or liens by third parties.

Answer 6

Marketable title

Question 7

One common claim that would render title
unmarketable is a ____. If the seller owes money to a lender, and the lender holds a mortgage
deed on the property, most buyers will not accept title unless the seller pays off the loan at closing
and the lender discharges the mortgage

Answer 7

mortgage