Vocabulary: Chapter 10- Title Records Flashcards Preview

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Flashcards in Vocabulary: Chapter 10- Title Records Deck (12)
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1

Abstract of title

Condensed history of a title to 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

2

Actual Notice

Express information or fact;that which is known; direct knowledge

3

Attorney's opinion of title

An abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property's ownership

4

Certificate 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

5

Chain of title

The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title

6

Constructive Notice

Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not the have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property

7

Marketable Title

Good or clear title, reasonably free from the risk of litigation over possible defects

8

Priority

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

9

Recording

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 mortgage ordinarily is not effective against subsequent purchasers or mortgagees

10

Suit to Quiet Title

A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title

11

Title Insurance

A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel or real estate, other than encumbrances, defects, and matters specifically excluded by the policy

12

Title Search

The examination of public records relating to real estate to determine the current sate of the ownership