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Real Estate Principles Real Estate: An Introduction To The Profession

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30 views

Real Estate Principles Real Estate: An Introduction To The Profession

Uploaded by

denden007
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Real Estate Principles

Ninth Edition

Real Estate:
An Introduction to the Profession
Ninth Edition

By Charles J. Jacobus
South-Western Publishing©2002

South-Western Publishing©2002
Chapter 6

_______________________________________
Recordation, Abstracts,
and Title Insurance

South-Western Publishing©2002
Public Records

• Constructive Notice – recording documents.


• Actual Notice – knowledge based on what one
has seen, heard, read, or otherwise observed.

South-Western Publishing©2002
The Recorder’s Role

The public recorder’s office serves as a central information station


for changes in rights, estates, and interests in land.

South-Western Publishing©2002
Acknowledgment for an Individual

South-Western Publishing©2002
Chain of Title

South-Western Publishing©2002
Ownership Proof

• Abstract of Title
• Title Insurance
– Title commitment
– Policy premiums
– Lender’s policy
– Claims for losses

South-Western Publishing©2002
Title Insurance
Post Purchase/Today Future

Title

but compare Car, Health


Homeowner

South-Western Publishing©2002
Sample Title Report

South-Western Publishing©2002
Sample Title Report (continued)

South-Western Publishing©2002
Marketable Title

• Marketable title is one free from reasonable


doubt as to who the owner is.
• Marketable Title Act – stops claims to rights
or interest in land that have been inactive for
longer than the required statutory period

South-Western Publishing©2002
Key Terms
• Abstract of title • Marketable title
• Acknowledgment • Public recorder’s office
• Actual notice • Quite title suit
• Chain of title • Title insurance
• Constructive notice • Torrens system

South-Western Publishing©2002

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