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19 Cards in this Set
- Front
- Back
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Recorder of Deeds
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Maintains most public records that affect title to real property.
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Recording
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The act of placing a written & signed documents in public record.
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Constructive Notice
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A legal presumption that information is available & can be obtained by an individual through diligent inquire. Serves a notice to the world of an individual's rights or interest.
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Actual Notice
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Also known as direct knowledge. Available information that someone has been given and acutally knows it.
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Priority of Rights
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Refers to the order of rights in time (ie who recorded 1st, which party was in possession 1st, who had actual or constructive notice).
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Chain of Title
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record of a property's ownership over a period of time beginning with the earliest or original owner.
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Suit to Quiet Title
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To establish ownership by a court due to gaps in the chain of title.
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Title Search
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An examination (by an abstractor) of all public records to determine whether any defects exist in the chain of title.
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What is an abstractor?
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The person who examines the public records in the recorder of deeds and prothonotary's office (or any other government offices).
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Abstract of Title
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A summary report of the various events and proceedings that affected the title throughout its history.
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What will not show up on an Abstract of Title?
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Any liens, encroachments or any other interests that have not been recorded.
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Attorney's Opinion of Title
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A written report (by an attorney) about the condition of the ownership. (Attorney writes after review of the abstract of title.)
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Marketable Title
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Free of defects or hazards.
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Questions of marketable title must be raised by a buyer before or after the acceptance of the deed?
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Before
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In PA - what is usually used as proof of ownership?
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A certificate of title or title insurance.
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Certificate of Title
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An attorney's statement of opinion of the title's status as of the date it is issued. A certificate is not a guarantee of ownership.
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Title Insurance
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Protects the insured from an event that occurred before the policy was issued rather than against future events.
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Under Title insurance - what is covered under a standard coverage policy? (5 things)
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1. Defects found in public records
2. Forged documents 3. Incompetent grantors 4. Incorrect marital statements 5. Improperly delivered deeds |
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Under Title insurance - what is covered under an extended coverage policy? (3 things)
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Standard coverage plus defect discovered through
1. Property insepction including unrecorded rights of persons in possession 2. Examination of survey 3. Unrecorded liens not know of by policy holder |
