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15 Cards in this Set
- Front
- Back
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Recording |
The act of placing documents in the public record. |
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Chain of title |
Record of a property's ownership |
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Action to quiet title |
A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title |
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Title Search |
The examination of public records relating to real estate to determine the current state of the ownership. |
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Abstract of title |
A summary report of what the title search found in the public records |
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The person who prepares the abstract of title is called an |
Abstractor |
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Marketable title |
A good or clear title, reasonably free from the risk of litigation over possible defects |
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What documents are considered sufficient evidence of ownership |
A certificate of title, title insurance, or a Torrens certificate. |
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Certificate of title |
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records |
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Attorney's opinion of title |
An abstract of title that an attorney has examined and has certified to be, in the attorney's opinion, an accurate statement of the facts concerning the property's ownership |
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Title insurance |
A policy insuring a property owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy. |
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Subrogation |
The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy |
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ALTA policy |
American Land Title Association policy. An extended policy that protects a homeowner against the defects that may be discovered by inspection of the property |
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Torrens system |
A legal registration system used to verify ownership of Real Estate |
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Cloud on the title |
Title problem that is created by a gap in the chain of title or other dispute of ownership |
