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15 Cards in this Set
- Front
- Back
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Preliminary Title Report (Prelim) |
A report constituing a revocable offer by a title insurer to issue a policy of title insurance, used by a buyer and escrow for an initial review of the vesting and encumbraces recorded and affecting title to a property |
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Date-Down Search |
A further search of the public records performed by a title insurer after preparing a preliminary title report and immediately prior to issuance of a policy of title insurance |
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Abstract of Title |
A representation issued by a title company as a guarantee to the named person, not an insurance policy, listing all recorded conveyances and encumbrances affecting title to the described real estate |
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Title Insurance |
A form of indemnity insurance issued by a title insurance company which holds harmless the named insured against the monetary loss caused by an encumbrance not listed in Schedule B of the policy and not known by the insured when the policy was issued |
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Binder |
A written commitment of a title insurer to issue a title insurance policy in the future, usually acquired by a buyer intending to resell the described property |
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Exclusion |
Risks of loss not covered under a policy of title insurance comprised of encumbrances arising after the transfer or known to or brought about by the insured |
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Exception |
Any encumbrance affecting title and any observable on-site activities which are listed as risks assumed by the insured and not covered by a policy of title insurance under Schedule B |
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Schedule A |
Identification of the property interest issued, the legal description of the insured property, the date, time and coverage began, the premium paid for the policy and total dollar amount to be paid for all claims settled. |
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Schedule B |
Exceptions from coverage, both standard and itemized, by the title insurance policy |
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Joint Protection Policy (JP) |
A title insurance policy which enables one or more individuals or entities to be named as insured, usually the buyer and the new mortgage holder |
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Proof-of-Loss Statement |
A statement submitted to the title insurance company by the insured referencing the encumbrance discovered after they were issued the policy, the amount of the loss and the basis for calculating the loss |
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Color of Title |
Title that has the appearance of validity but has a fatal defect and is ineffective |
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Claim of Right |
A claim of ownership made without any documentation except possession and payment of taxes |
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Actual Notice |
Express or implied knowledge of conditions which exist on the property |
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Constructive Notice |
A legal fiction charging persons who own or acquire an interest in real estate with knowledge of recorded documents affecting title and conditions observable on the property |
