Titles ...

Question 1

What are the two kinds of notices to legal title?

Answer 1

1. Actual notice
2. Constructive notice

Actual notice involves direct knowledge (see, hear, or read), whereas constructive notice is established through public recording.

Question 2

What is actual notice?

Answer 2

Actual notice is direct knowledge acquired in the course of a transaction (see, hear, or read)

This type of notice implies that the person has been informed directly about the transaction.

Question 3

What is constructive notice?

Answer 3

Constructive notice is accomplished by recording a document in the public records

This means that the information is available to the public, and one is assumed to be aware of it.

Question 4

What are the 3 components for ‘protection of title’?

Answer 4

1. Chain of title
2. Abstract of title
3. Title opinion

These components help ensure that the title to the property is clear and legally protected.

Question 5

What is chain of title?

Answer 5

A list of all the past owners of the property, going back to the original owner

This establishes the history of ownership and can reveal any potential claims or issues.

Question 6

What is abstract of title?

Answer 6

A condensed version of the chain of title, including key documents like deeds, mortgages, and court records

It summarizes the essential elements of the property’s ownership history.