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Unit 8 Indiana Real Estate

Terms in this set (182)

Recording
The act of placing documents in the public record
Actual Notice
Not only that information of an interest in property is available but also that someone is actually aware of it
Constructive Notice
The legal presumption that information has been obtained by an individual through due diligence
Priority
Refers to the order of when documents or liens were recorded
Chain of Title
The record of property's ownership
Cloud on Title
If ownership cannot be traced through an unbroken chain
Title Search
Examination of the public records to determine whether any defects exist in the chain of title
Marketable Title Act
The time beyond which the title must be searched can be limited
Abstract Title
Summary report of what the title search found in the public record
Abstractor
Person who prepares abstract of title
Marketable Title
Title that is acceptable to a reasonably prudent person and which will not subject the buyer to lititgation
Marketable Title 3 parts
Disclose no serious defects and not depend on doubtful questions of law
Not expose a purchaser to hazard of litigation or threaten quiet enjoyment
Convince a reasonably well-inofrmed and prudent purchaser with knowledge of the facts and their legal significance
Question of Marketable Title...
Must be raised by buyer BEFORE ACCEPTANCE of the deed
Certificate of Title
Statement of opinion of the title's status on the dare the certificate is issued. Not a guarantee of ownership
Title insurance
A contract under which the policholder is protected from losses arising from defects in the title
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