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19 Cards in this Set
- Front
- Back
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Who maintains public records? |
Recorders of deeds County Clerks County Treasurers City Clerks Clerks of Court |
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When must the recorder of deeds be elected? |
In any county with a population of 60k or more. The county clerk will work in any counties with less than 60k |
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What is the act of placing documents in the public record? |
Recording. The act of recording generally gives legal priority to those interests recorded first. |
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When must a tax deed be recorded? |
They must be recorded within one year after the redemption period expires. If it is not recorded or filed within one year it becomes null and void. |
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Anyone who has interest in a parcel of real estate can take certain steps, called giving notice to ensure what? |
To ensure that others know about the individuals interest. |
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What is the legal presumption that information may be obtained by an individual through due diligence? |
Constructive notice Putting information out for the public and making it accessible |
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What is direct knowledge, or a means not only that the information is available but also that someone has been given the information and actually knows it? |
Actual notice |
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What is the order of rights in time? Questions like who recorded first, which party was in possession first, who had actual or constructive notice? |
Priority (use attorney) |
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What are examples of unrecorded documents? |
RE taxes, special assessments are liens on specific parcels of land and are usually not recorded until sometime after the taxes or assessments are past due. Inheritance taxes and franchise taxes (statutory liens) |
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What is the record of a property's ownership? |
Chain of Title Does not include liens and encumbrances or any other document not directly related to ownership |
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What happens if there is a gap or cloud in the title? |
A court action called a suit to quiet title. This is to establish ownership. |
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What is an examination of all the public records to determine whether any defects exist in the chain of title? |
A title search. The records of the conveyances of ownership are examined, beginning with the present owner. Searched to root of title (40 years) |
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If there is a possibility of litigation for a title, how far must it go back? |
75 years |
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what is the maximum time a title search may go back in Cook and Du Page counties? |
1871 because most records were destroyed in the Great Chicago Fire |
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What is a summary report of what the title search found in the public record? |
Abstract of title A person that prepares the report is an abstractor.Chronological list of recorded instruments. |
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What is a marketable title that must be delivered to the buyer at the closing, what must it have |
-Disclose no serious defects, and not depend on doubtful questions of law or fact to prove valid -Not expose a purchaser to the hazard of litigation or threaten the quiet enjoyment of prop. -Convince a reasonably well-informed and prudent purchaser the facts and legal significance so they can sell or mortgage the prop at a later time. |
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What is a statement of opinion regarding title status on the date the certificate is issued? |
Certificate of title Does not guarantee full ownership. Unrecorded liens cannot be discovered. Same with hidden defects. |
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When is the premium for title insurance generally paid? |
Once at closing |
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What is the right for title companies to any remedy or damages available to the insured? |
Subdrogation |
