Unit 7: Title Records Flashcards
(18 cards)
The condensed history of the recorded ownership of 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.
Abstract of Title
A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title.
Action To Quiet Title
Express information or fact; that which is known; direct knowledge.
Actual Notice
A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan.
American Land Title Association (ALTA) Policy
An abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning the property’s ownership.
Attorney’s Opinion of Title
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.
Chain of Title
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records.
Certificate of Title
Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Constructive Notice
A defect in the chain of title of a particular parcel of real estate; a missing document or conveyance that raises doubt as to the present ownership of the land.
Gap
Good or clear title, reasonably free from the risk of litigation over possible defects.
Marketable Title
The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens.
Priority
A court action to remove a cloud on the title.
Quiet Title
The act of entering or recording documents affecting or conveying interests in real estate in the recorder’s office established in each county. Until it is recorded, a deed or a mortgage ordinarily is not effective against subsequent purchasers or mortgagees.
Recording
A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title.
Suit To Quiet Title
The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy.
Subrogation
A policy insuring a property 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.
Title Insurance
The examination of public records relating to real estate to determine the current state of the ownership.
Title Search
A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens.
Torrens System
