Term
| Introduction to Title Searching and Pre-Closing Activities |
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Definition
| Before completing a real estate transaction, a search of the public records is performed to confirm that the seller has good title and that there are no claims agaisnt the property or against the proceeds of the sale |
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Term
| Public Records System for Real Estate |
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Definition
| Each state has a public records system for real estate. A real estate public records system is a system for registering docuemnts in a government office for public inspection. Generally, any agreement or document that affects any interest in real estate may be recorded |
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Term
| Methods for Determining Priorities- Generally what are they? |
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Definition
1) Pure race system
2) A notice system
3) A race-notice system |
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Term
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Definition
| the first to record a document is given priority |
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Term
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Definition
| gives the last good faith purchaser priority unless a subsequent good faith purchaser records the deed first. |
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Term
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Definition
| Priority is given to the firsst good faith purchaser to record |
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Term
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Definition
| A title search is the process of searching public records to determine the ownership of a property, claims, or liens against the property or the owner, and the existence of any other maters that might affect transfer of good title, the ability to convey a good ownership |
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Term
| Conducting and Abstracting a Title Search |
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Definition
Conducting a title search is the physical process of searching the public records for recorded document that may affect the title to real estate.
A title abstract is a written listening of all recording documents and notices public records.
The records that must be searched are not limited to ownerhsip or chain of title records. Records must also be searched to uncover any encumbrances, restrictions, covenants, easements, mortgages, judgments, or liens |
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Term
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Definition
Mortgages are the documents that use the real property as collateral to secure the repayment of loan.
Judgements are usually the result of a lawsuit with a monetary awrd being entered in favor of one of the parties.
Federal tax liens are judgements obtained by the federal government for unpaid income taxes |
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Term
| Examining a title Search Abstract |
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Definition
| Title examination is the process by which soemone reviews the chain of title shown in the abstract and all the documents that have been recorded, to determine what, if any, item represents an impediment to the seller's ownership and therefore being able to give the buyer good title |
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Term
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Definition
| A title report is a summary report that provides a legal description of the real estate, describes how the sellers acquired ownership, identifies anything impacting that ownership, and lists items that might affect the ability to give good title to the buyer. |
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