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11 Cards in this Set
- Front
- Back
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Title |
An owner that has complete ownership of a property has legal title to the property. An owner only has equitable title when there is still a mortgage on the property. |
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equitable title |
owner that has complete ownership of a property has legal title to the property. An owner only has equitable title when there is still a mortgage on the property. |
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abstract of title. |
When the property is transferred the transaction will show up on the abstract of title. The abstract of title is a history, prepared by a title company, of what transfers have happened to the title since the time that it was originally granted. Any encumbrances affecting the title will be listed as well. |
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Title Insurance |
Title insurance assures the buyer and lender in a transaction that if there are any problems in the title, they will be compensated by any damages caused. |
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subrogation |
It gives the title insurer rights to recover damages that they pay to the insured party for the damages. |
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Advantages of Title Insurance |
- Title insurance is part of the evidence of marketable title. - Title insurance protects the policy holder from problems in the title both monetarily and legally. - Guarantees that the mortgage lender will have first priority over any other liens. - Defends against a lawsuit attacking the title. - Title insurance policies are inherited along with the property by the dead person's heirs. |
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Standard Policy |
Standard title insurance policies covers risks involving others making a claim on the property, unmarketable title, and undisclosed liens and judgements.Items Typically Covered: - Others Making a Claim on the Property - Unmarketable Title - Undisclosed Liens and Judgements - Defective Recording and Mistakes - Forgery, Fraud and Duress Before the Policy is Made |
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Plain Language Policy |
A plain language policy covers what is normally in a standard policy as well as a few other items.Additional Items Covered in a Plain Language Policy: - Mechanic's Liens Recorded After Policy is Issued - Deeds With Improvements That Encroach on Other Property - Violations of Codes and Subdivision Regulations That Existed Before the Policy is Made |
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Extended Policy |
The extended policy offers more protection than the standard policy.Extended Policies Typically Cover The Following in Addition to the Standard Policy: - Deeds With Improvements That Encroach on Other Property - Survey Problems - Silent Liens - Violations of Codes and Subdivision Regulations That Existed Before the Policy is Made |
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ALTA Policy |
The ALTA policy offers more protection than the standard and extended policy.ALTA Policies may also cover the following: - Forgery After the Policy is Made - Problems Due to Lack of Building Permits - Location and Dimensional Problems |
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Homeowner's Policy |
Getting a homeowner's policy is an important decision for buyers of homes.A policy that is for the lender does not cover loss and damages for the homeowner. The lender's policy is only to protect the lender for the amount that they loaned on the property.A homeowner's policy is what protects homeowners against defects in title. This transfers the risk of anything going wrong to the title insurance company. |
