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21 Cards in this Set

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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
5)collectors
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