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21 Cards in this Set

  • Front
  • Back
Define recording:
the act of entering or recording documents affecting or conveying interest in real estate in the recorders office established in each county
Define priority:
the order of position or time
Define actual notice:
express information or fact
Define constructive notice:
notice given to the world by recording documents--all people are charged with knowledge of such documents and thier contents,whether or not they have actually examined them
Define marketable title:
good and clear title,reasonably free from the risk of litigation over possible defects
Define title search:
the examination of public records relating to real estate to determine the current state of ownership
Define voluntary alienation:
the act of voluntary transferring property to another such as by gift or sale
Define grantor:
the person transferring title to or an interestin real property to grantee
Define certificate of title:
a statement of opinion on the status of the title to a parcel of real property based on an examination of specific public records
Define chain of title:
the succession of conveyance from some accepted starting point, whereby the present holder of real propety derives title
Define 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
Define abstract of title:
the condensed history of a title to a particular parcel of real estate, consisting of a summary of theorginal grant and all subsequent conveyances and emcumbrances affecting the property & a certification by the abstractor that the history is complete and accurate
Define title insurance:
a policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than emcumbrances,defects,and matter specially excluded by the policy
Define subrogation:
the substittion of one creditor for another,with the substituted person succceeding to the legal rights and claims of the original claimant
Define abstract and attorneys opinion on title:
an opinion of the title status based on a review of the abstract by an attorney
What 6 people maintain public records?
1)recorder of deeds
2)county clerks
3)county treasurers
4)city clerks
6)clerks of the court
Who maintains the public records whe the population is under 60,000?
county clerk
A tax lien has to be recorderded within _______ to be valid.
one year
3 proofs of ownership:
1)certificate of title
2)an abstract & attorney opinion of title
3)title insurance
What 5 issues are covered under a title policy?
1)defects found in public records
2)forged documents
3)incompetent grantors
4)incorrect marital statements
5)improperly delivered deeds
What 3 things must a marketable title do?
1)disclose no serious defects and not depend on doubtful questions of law or fact to prove its validity
2)not expose a purchaser to the hazard of litigation or threaten the quiet enjoyment of the property
3)convince a reasonably well-informed and prudent puchaser,acting on business principles and with knowledge of the facts and thier legal significance,that he/she could sell or mortgage the property at a later time