Unit 7- Title Records Flashcards
Constructive Notice
Filed deed at courthouse
Actual Notice
Telling someone you own the property. Doing an act that shows you own the property.
Not filed at courthouse
Inquiry Notice
Looking into a deed for information on property
Not filed at courthouse
Investigation
Chain of Title
List of people who previously owned that property
Does show Leins or encumbrances
Cloud on title
Gap in the chain of title that can’t be explained
Suit to quiet title
Fixes any cloud on title
Can be done via quick claim deed
Abstract of title
Summary of title. Book report
Shows past owners liens and encumbrances
Must have lasers letter of option to valid- certificate of title
Only shows public records. Nothing hidden shows
Marketable title
Proof of ownership
Able to resell deed.
Marketable does not mean legal
3 types - abstract, title insurance, torrens
Title insurance
Best and most common proof of ownership- market all
If anything come up in titling process, they pay and fix it.
Exclusions exist in policies - ex zoning
Does not include chain of title
Torrents system
State covers any title issues
Type of marketable title
Need to register with county via an application
Title passes when grantee application is approved and registered
Financing statement
UCC-1
Lump mortgage loan and personal loan together
Ex. Buy a house and was to furnish it with furniture. UCC-1 lump loans together to purchase furniture
Combine real property and personal property
Priority
Longer recorded and uncontested, least likely to be taken
Judge decides
How early was the deed filed
Recording
Lawer records deed at courthouse
Security agreement
UCC-1
Showing security interest of chattels( personal property )
Subrogation
Title insurance company goes after person causing harm to deed
