{"id":2755,"date":"2021-11-15T14:19:04","date_gmt":"2021-11-15T22:19:04","guid":{"rendered":"https:\/\/usezloan.com\/?p=2755"},"modified":"2021-11-15T14:23:26","modified_gmt":"2021-11-15T22:23:26","slug":"2755","status":"publish","type":"post","link":"https:\/\/usezloan.com\/index.php\/2021\/11\/15\/2755\/","title":{"rendered":"\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 18-TITLE RECORDS"},"content":{"rendered":"

<\/h3>\n

\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 18-TITLE RECORDS<\/span><\/span><\/strong><\/h3>\n

 <\/p>\n

TITLE RECORDS<\/p>\n

State laws require the recording of all documents that affect rights and interests
\nin real estate in the public real estate records of the county where the property is
\nlocated. These public records, or title records, contain a history of every parcel
\nof real estate in the county, including names of previous owners, liens,
\neasements, and other encumbrances that have been recorded.<\/p>\n

Deeds, mortgages, liens, easements, and sale contracts are among the documents
\nthat must be recorded. Other public records that affect real estate title are
\nmarriage, probate, and tax records.
\nGenerally, a County Recorder’s Office or other similarly named office maintains
\nthe title records.
\nTitle records serve a number of purposes, not the least of which is to
\navoid ownership disputes. Other important purposes are:
\n\uf034 Public notice<\/span>
\nTitle records protect the public by giving all concerned parties
\nconstructive notice of the condition of a property’s legal title:
\nwho owns the property, who maintains claims and
\nencumbrances against the property.
\n\uf034 Buyer protection<\/span>
\nTitle records protect the buyer by revealing whether a property
\nhas marketable title, one free of undesirable encumbrances. The
\nbuyer is legally responsible for knowing the condition of title,
\nsince it is a matter of public record. Recording a transaction also
\nprotects a buyer by replacing the deed as evidence of ownership.
\n\uf034 Lienholder protection<\/span>
\nTitle records protect the lienholder by putting the public on notice
\nthat the lien exists, and that it may be the basis for a foreclosure
\naction. Recording also establishes the lien’s priority.<\/p>\n

Chain of title <\/span><\/strong><\/p>\n

Chain of title refers to the succession of property owners of record dating back to
\nthe original grant of title from the state to a private party. If there is a missing
\nlink in the chronology of owners, or if there was a defective conveyance, the
\nchain is said to be broken, resulting in a clouded title to the property. To remove
\nthe cloud, an owner may need to initiate a suit to quiet title, which clears the
\ntitle record of any unrecorded claims.<\/p>\n

Abstract of Title.<\/span> An abstract of title is a written, chronological summary of the
\nproperty’s title records and other public records affecting rights and interests in
\nthe property. It includes the property’s chain of title and all current recorded liens
\nand encumbrances, by date of filing. A title abstractor or title company analyst
\nconducts the search of public records, called a title search, needed to produce an
\nabstract. Insurers and lenders generally require the search to identify title defects
\nand ascertain the current status of encumbrances.<\/p>\n

A title plant<\/span> is a duplicate set of records of a property copied from public
\nrecords and maintained by a private company, such as a title company.<\/p>\n

Recording system<\/span> <\/strong><\/em><\/p>\n

There are no federal recording standards. Each state prescribes procedures
\nand requirements for recording in public title records: forms, proper
\nexecution, acknowledgment, and witnessing.<\/p>\n

The Torrens system.<\/span> Certain states and counties use the Torrens system of
\nrecording. The Torrens system differs from other title recording systems in that
\ntitle passes only when the conveyance has been duly registered on the title
\ncertificate itself. Encumbrances likewise have no legal effect until they are
\nrecorded. In effect, the Torrens title record is the title itself. It is not necessary to
\nsearch public records to ascertain the status of title; it is all reflected on the title
\ncertificate.<\/p>\n

To enter a property in the Torrens system, a court action must first clear title by
\ngiving notice to all potential interest holders that they must express their claims.
\nAt the end of the proceeding, the court decrees that the title is accepted into
\nTorrens registration. The Torrens registry retains the original registration
\ndocuments and provides copies to the recorder or other appropriate office. All
\nsubsequent transactions affecting title must follow the proper Torrens recording
\nprocedures and requirements.<\/p>\n

Title evidence <\/span><\/strong><\/p>\n

Since the value of a property is only as good as the marketability of its title,
\nthe evidence supporting the status of title is a significant issue. To
\ndemonstrate marketable title to a buyer, a seller must show that the title is
\nfree of
\n\uf034 doubts about the identity of the current owner
\n\uf034 defects, such as an erroneous legal description
\n\uf034 claims that could affect value
\n\uf034 undisclosed or unacceptable encumbrances
\nThe four principal forms of evidence the owner can use to support these
\nassurances are:
\n\uf034 a Torrens certificate
\n\uf034 a title insurance policy
\n\uf034 an attorney’s opinion of the title abstract
\n\uf034 a title certificate<\/p>\n

Torrens certificate.<\/span> If available, the Torrens certificate is the best evidence,
\nfor the reasons given earlier– it is not merely a record, but is the title itself.<\/p>\n

Title insurance<\/span>. In the absence of Torrens registration, a title insurance policy is
\ncommonly accepted as the best evidence of marketable title. A title insurance
\npolicy indemnifies the policy holder against losses arising from defects in the
\ninsured title.
\nThe common policy types are the lender’s policy and the owner’s policy, which
\nprotect the respective policy holders’ interests in the property. Thus, a lender
\nwho holds an $80,000 mortgage on a property will obtain protection worth
\n$80,000 against the possibility that the lender’s lien cannot be enforced. The
\nowner’s policy will insure against defective title to the extent of the property’s
\ninitial or appreciated value.
\nAn owner’s policy may have standard coverage or extended coverage.
\nStandard coverage protects against title defects such as incompetent grantors,
\ninvalid deeds, fraudulent transaction documents, and defects in the chain of
\n86 Principles of Real Estate Practice
\ntitle. Extended coverage protects against liabilities that may not be of public
\nrecord, including fraud, unrecorded ownership claims, unintentional recording
\nerrors, and unrecorded liens. Extended coverage may also protect against
\nadverse possessors, boundary disputes, and prescriptive easements. Neither
\nstandard nor extended coverage insures against defects expressly excluded by
\nthe policy or defects that the owner might have been aware of but did not
\ndisclose.
\nBefore issuing a title insurance policy, a title company conducts a title search
\nto uncover defects in title or unrecorded breaks in the chain of title. If the
\nsearch fails to discover any uninsurable defects, the company issues a binder,
\nor commitment to insure. The binder recapitulates the property description,
\ninterest to be insured, names of insured parties, and exceptions to coverage.<\/p>\n

Attorney’s opinion of abstract<\/span>. An attorney’s opinion of abstract states that
\nthe attorney has examined a title abstract, and gives the attorney’s opinion of
\nthe condition and marketability of the title. Generally, an opinion is not a
\nproof or guarantee of clear title. Further, it offers no protection in the event
\ntitle turns out to be defective.<\/p>\n

Title certificate<\/span>. A title certificate is a summary of the condition of title as of
\nthe date of the certificate, based on a search of public records by an abstractor
\nor title analyst. The certificate does not guarantee clear title against defects,
\nunrecorded encumbrances or encroachments.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 18-TITLE RECORDS   TITLE RECORDS State laws require the recording of all documents that affect rights and interests in real estate in the public real estate records of the county where the property is located. These public records, or title records, contain a history of every parcel of real estate in the county, […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-2755","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"_links":{"self":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/comments?post=2755"}],"version-history":[{"count":4,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2755\/revisions"}],"predecessor-version":[{"id":2759,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2755\/revisions\/2759"}],"wp:attachment":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/media?parent=2755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/categories?post=2755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/tags?post=2755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}