13 terms

Ch 13: Title Records

abstract and attorney's opinion of title
an option of title status based on a review of the abstract by an attorney, and in some areas used as evidence of title
abstract of title
a summary of what the title search found in the public records
actual notice
the information is not oly available, but someone has been given the information and actually knows it
certificate of title
a statement of opinion regarding title status on the date the certificate is issued
chain of title
record of a property's ownership
constructive notice
legal presumption that information may be obtained by an individual through diligent inquiry
marketable title
Good or clear title, reasonably free from the risk of litigation over possible defects
refers to the order of rights in time
the act of placing document in the public records
Substitution of one creditor for another; used by title insurers to acquire from the injured party rights to sue in order to recover any claims they have paid
suit to quite title
a court action intended to establish or settle the title to a particular property, especially when there is a cloud in the title
title insurance
a contract under which the policy holder is protected form losses arising from defects in the title
title search
is an examination of the title to determine if any defects exist on the title