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Real Estate- Chapter 08- Vocab
Real Estate- Chapter 08- Vocab
23
Law
Post-Graduate
08/15/2014

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Term
public records system
Definition
System for registering documents in a government office for public inspection
Term
chain of title
Definition
The history of land ownership
Term
recording statutes
Definition
Statutes that do not require but strongly encourage all documents affecting ownership or claims against real estate to be filed in a government office.
Term
Pure Race Systems
Definition
ethod for determining priority of claims with the first document recorded for a property given priority over a document filed later.
Term
Notice System
Definition
the last good faith purchaser is given priority unless a susequent good faith purchaser records a deed first.
Term
Good faith purchaser
Definition
One who purchases without actual or constructive knowledge of a prior transfer to another
Term
Race-notice jurisdiction
Definition
Priority is given to the first good faith purchaser to record
Term
title search
Definition
The process of searching public records to determine the onwership of a property, claims or liens agasint the property of the owner, and the existence of any other matters that might affect transfer of good title
Term
title
Definition
used interchangeably with ownership
Term
Conducting a title search
Definition
the physical process of searching the public records for recorded docuements that may affect the title to real estate
Term
title abstract
Definition
written listing of all recorded documents and notices of public record that affect a particular piece of property
Term
title insurance
Definition
Insurance policy that insures the ownership of the property as of a particular deed trasnferring ownership
Term
predecessors in title
Definition
all those who held title to the property in the past
Term
Grantor/Grantee Index
Definition
The index that shows all documents by grantor name
Term
Grantee/grantor index
Definition
The index that lists all documents by grantee name
Term
mortgages
Definition
documents that use real property as collateral to secure the repayment of a loan
Term
satisfied
Definition
paid in full
Term
judgments
Definition
monetary wards entered in favor of one of the parties of a lawsuit
Term
federal tax liens
Definition
judgments obtained by the federal government for unpaid income taxes
Term
local real estate taxes and municipal charges
Definition
unpaid taxes and charges that represent a lien against a property
Term
title examination
Definition
the process by which someone reviews the chain of title shown in the abstract and all the documents that have been recorded to determine which of those items negatively impact the seller's ability to give good title
Term
title report
Definition
A summary report that describes ownership, identifies anything impacting that ownership, and lists items that might affect the ability to give good title
Term
binder for title insurance
Definition
an agreement that thetitle company insurer will issue title insurance if certain objections are resolved
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