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34 Cards in this Set

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  • Back
Title
A legal right or interest in property.
Record Notice
Notice based on a properly recorded documents
Inquiry Notice: Definition
Notice based on actual knowledge of facts which would prompt a reasonable person to inquire urther into a particular matter.
Inquiry Notice: Content of Imputed Knowledge
The knowledge or facts that a reasonably prudent investigation would discover.
Inquiry Notice: Limit of Imputed Knowledge
The knowledge that is imputed to the purchaser is limited to the facts that a reasonbly prudent investigation would discover.
Imputed Notice
The actual, record, or inquiry notice that a purrchaser's legal agent as will be imputed to the purchaser.
Subsequent Purchaser with Actual Knowledge
If a subsequent purchaser has actual knowledge of a prior unrecorded interest, then the protections under a recording act are not available.
Effect of Record Notice
An adequately recorded prior interest provides record notice to subsequent purchasers of a prior interest.
Adequate Recording of Prior Interest
An interest is adequately recorded if a reasonable title searcher would be able to discover the instrument or document.
Purpose of Recording Acts
Protects purchasers for value and lien creditors against prior unrecorded interests. Grantees are protected from a claim from subsequent purchasers claiming to be bona fide purchasers for value without notice.
Priority in Title: Common Law Rule
"Prior in time, prior in interest"

Common law rule controls unless a purchaser qualifies for protection under a recording statute.
Bona Fide Purchaser
A person who purchases property without notice of any conflicting interests.
Shelter Rule
A person who purchases land from an owner who did not have notice of any prior unrecorded interests will be sheltered by the recording act even if the purchaser had actual knowledge.
Effect of a Properly Recorded Instrument
Subsequent bona fide purchaser for value without notice of a prior unrecorded interest will prevail against any claims based on a prior unrecorded interest, which includes prior purchasers.
Effect of Failure to Record Interest by Prior Purchaser
If a prior purchaser fails to record their interest, then their claim will not prevail against a subsequent purchaser. Failure to properly record an interest results in a defeated claim unless the prior purchaser can prove that the subsequent purchaser had actual knowledge.
Notice Determines TItle
One who gives value for an interest in land without notice of a 3rd party's conflicting interest in the same parcel takes free the conflicting interest.
Shelter Rule
A person who receives title from a bona fide purchaser protected by a recording act has the same protections and rights as the grantor.
Deed
A written intstrument used to transfer title between a grantor and grantee. A deed is valid and good against the grantor upon delivery without recording.
Properly Recorded Interest
Proper recording of an interest operates to provide notice to subsequent purchasers.
Recording of Deed
Refers to both the procedural and legal requirements for a recording, as well as the actual act of entering the interest into the records.
Actual Entry
The actual copying of the deed into the records. Does not amount to a proper/official recording effective for providing interest.
Acknowledgement of Deed
Deed is executed before a notary who acknoweldges the validity of the deed. The fact of acknowledgement is a condition precedent to a proper recording.
Notorized Deed
A deed which qualifies for official recording because it has been acknowledged and notarized by the proper officials.
Certification Alone is Insufficient
Acknowledgment alone is not enough to establish that the grantor has acknowledged the deed in fact.
Defective Instrument
An attempted recording that failed to comply with statutory requirements for a proper recording that will provide notice.
Patent/Latent Defect
Patent defects usually refers to an instrument's formal deficiencies. Latent defects are those that become apparent later. Usually a techinical defect in the recording.
Formal Requirements of a Valid Deed
1. Adequate description of the property which is the subject of the conveyance.

2. Identifies the grantor and grantee with sufficient accuracy.
Delivery of Deed
The event which renders a properly executed deed effective and valid.
Adequate Description of Property
The deed must contain an adequate description of the property subject to the conveyance. The property description must be sufficient to provide a subseqent purchaser notice.
Accurately Identifies the Parties to Conveyance
If the deed does not accurately identify the parties or is so imprecise that a party cannot be identified, then the deed is void.
Operative Conveyance
The grantor's intent to make the deed a presently operative conveyance is the key fact.
Race Statute
The party who records their interest first prevails
Notice Statute
The
Race-Notice Statute.
Bona fide purchaser for value is a party who records first and has no notice of a prior unrecorded interest.