+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
In PA, who maintains most of the public records that affect title to real property?
|
Recorder of deeds
|
|
To be eligible for placing a document in public record, what must be done?
|
The document must be in writing/e-mail and properly signed
|
|
What is the legal presumption that information is available and can be obtained by an individual through diligent inquiry?
|
Constructive notice
recording the deed and taking possession of property prospective purchaser or mortgage lender is responsible for discovering the interest |
|
What does actual notice mean?
|
That not only is the info available but someone has been given the information and actually knows it...a person who has searched public records and inspected the property---this means they can't use a lack of constructive notice to justify a claim
|
|
Can deeds and mortgages that are not recorded serve as constructive notice?
|
No---they are not effective until they are recorded, but this doesnt mean they are void
|
|
When is a suit to quiet title necessary?
|
When there is a gap in the chain of ownership and the cloud on the title makes it necessary to establish ownership
|
|
Who normally performs a title search?
|
Abstractor---they will look at everything including wills, what is recorded, judicial proceedings and what not
|
|
Following a title search by an abstractor, what will they prepare?
|
Abstract of title---summary report of the various events and proceedings that affected the title throughout its history. All liens and encumbrances are included and their current status. A list of all public records searched is also included to show the scope of search---this is then submitted to an attorney and they prepare a report called attorney's opinion of title
|
|
What makes a title marketable?
|
-disclose no serious defects and not depend on doubtful questions of law or fact to prove its validity
-not expose a purchaser tot he hazard of litigation or threaten the quiet enjoyment of property -convince a reasonably well-informed and prudent person, acting on business principles and with knowledge of the facts and their legal significance, that he or she could sell or mortgage the property at a later time -be insurable by a reputable title insurance company at ordinary rates |
|
When can you reject an unmarketable title?
|
Only before you accepted the deed
|
|
Is deed sufficient evidence of ownership?
|
No! only the title is!
|
|
What is a statement of opinion of the title's status as of the date it is issued? it is used as evidence of ownership, but it is not a guarantee of ownership
|
Certificate of title
|
|
What is a contract under which the policyholder is protected from losses arising from defects in the title?
|
Title insurance
|
|
Title insurance will issue a preliminary report of title or a commitment to issue policy after searching public records, what does this report include?
|
-name of insured
-legal description of real estate -the estate or interest covered -the conditions and stipulations under which policy is issued -a schedule of all exceptions |
|
When is the premium for title insurance paid?
|
All at one at closing---the maximum loss for which the company may be liable cant exceed the face amount of the policy
|
