Title Assurance/insurance/adverse Possession

Front 1

Types of Title Assurance

Back 1

1. Personal Covenants for Title (Warranty Deed)
2. Title Examination
3. Title Insurance
4. Title Registration
5. Statutes of Limitation/Adverse possession

Front 2

Covenant of Title

Back 2

Grantor Promises that the title is good
Grantee is reliant on grantor's ability to pay if title is defective.

Front 3

Quitclaim deed

Back 3

Essentially a release.
Quitclaim means, "I don't know what I have but you can have it."

By Law in Texas - a quitclaim deed warrants that you have not conveyed to someone else and that there are no encumbrances. However, you can disclaim the no encumbrances.

Front 4

Warranty Deed

Back 4

1. Present Covenants
2. Future covenants

Front 5

Present covenants

Back 5

1. Covenant of Seisin
-- Promise that grantor owns the property
-- Promise that grantor hasn't already transferred the property.
2. Covenant of Good right to convey
-- Grantor has right to transfer
3. Covenant against encumbrances
-- Property free and clear of all non-agreed easements, mortgages, liens, covenants, servitudes, etc.

Front 6

Future Covenants

Back 6

4. Covenant of quiet enjoyment
-- no one with better title will try to evict the grantee
5. covenant of warranty
-- Grantor will defend grantee's title
6. Futher assurances
-- Will do everything reasonably necessary to "perfect the title."

Front 7

Title Examination

Back 7

Search all the documents in the real property records.
Texas uses title company.

Front 8

Torrens Registration System

Back 8

Massachussets, Ohio, Hawaii, Chicago, Minnesota.
Similar to car title - every interest in the land must be recorded on the registration.

Easier in systems with fewer generations of title owners.

Initiation of the registry begins with a quiet title lawsuit.

Front 9

Title insurance definition

Back 9

Insurance covering the quality of the title. Doesn't cover the quality of the land.

Front 10

Protected title insurance risks

Back 10

1. Grantor's disability - didn't have ability to make a valid deed.
2. Marital Rights
3. Forgery
4. Errors in Recording
5. Undisclosed heirs & Pretermitted children

Front 11

Typical Unprotected Risks

Back 11

1. Specifically mentioned exclusions
2. Current purchaser lacks BFP status (They can't know what's in your head)
3. Things revealed by inspection
4. Current taxes and assessments
5. Boundary Problems
6. Current Taxes and assessments.
7. The policy does not run with the land. When you move, the new owner has to get a new policy.

Front 12

adverse possession elements

Back 12

1. Actual Possession - can't buy but not occupy
2. Open, visible, notorious - If the true owner showed up, they would see you
3. Exclusive - Successive possessors allowed if they are in privity
4. Continuous and peaceable - Never gave up possession and not subject to eviction or court action
5. Hostile - Can't have permission from the owner.

Front 13

adverse possession time shortening elements

Back 13

1. Under claim of right - example: forged deed
2. Cultivation
3. Pay property taxes

Front 14

Texas Time range and factors

Back 14

3 - 25 years
1. type of deed
2. recording of deed
3. Use of lane (i.e. farming)
4. Paying property taxes.