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Session 11

Title Insurance

QuestionAnswer
Abstract of title Summary of the chain of title
ATLA Homeowners Policy An owners policy in which the coverage exceeds the standard owners policy.
ATLA Title Policy A title insurance policy that protects the lender against defects that could be determined by an inspection of the public records or an inspection of the property itself
Mortgagee's Policy A title insurance policy that protects the lender against defects that could be determined by an inspection of the public records or an inspection of the property itself
Chain of Title A complete history of the title of the property (Includes all transfers of ownership including liens and encumbrances)
Merchantable (Marketable) Title Title without clouds or defects (Easier to transfer ownership)
Page of Exceptions/ Schedule B Provides a list of items not covered by the policy and discloses existing encumbrances of record.
Preliminary Title Report Issued prior to closing of the sale. it is given to the buyer to allow the buyer to review the liens and encumbrances affecting the property. states the requirements necessary to close the transaction according to the terms of the purchase agreement
Standard Owners Title Policy Protects the buyer against certain title defects
Subrogation The substitution of a third person in relation to a claim.
Title Plant Set of indexed public records maintained by a title company
Uniform Commercial Code (UCC) =Personal Property[ established to standardize the laws relating to interstate commerce sales and other commercial transactions across the US
Closing Statement
Escrow The holding of documents and money by a neutral third party while carrying out the instructions of a purchase agreement or other contract
FIRPTA
Created by: Baayangle
Popular Real Estate sets

 

 



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