© 2008 by south-western, cengage learning chapter 7 charles j. jacobus thomas e. gillett
TRANSCRIPT
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Chapter 7Chapter 7
Charles J.Jacobus
Thomas E.Gillett
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Georgia Real EstateGeorgia Real EstateAn Introduction to the ProfessionAn Introduction to the Profession
Seventh EditionSeventh Edition
Chapter 7Chapter 7
Recordation, Abstracts, Recordation, Abstracts,
and Title Insuranceand Title Insurance
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Public RecordsPublic Records
Constructive Notice Recording documents
Occupying the property
Actual Notice What one has seen, heard, read, or observed
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The Recorder’s RoleThe Recorder’s Role
The public recorder’s office serves as a central information station for changes in rights, estates, and interests in land.
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AcknowledgmentAcknowledgment
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Public RecordsPublic Records
Tract Indexes
Grantor / Grantee IndexesAlphabetical listings by calendar year
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Chain of TitleChain of Title
Full title search in Georgia is 50 Years.
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Cloud on TitleCloud on Title
Judgments
LawsuitsLis pendens
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Ownership ProofOwnership Proof
Abstract of Title: Complete historical summary of all recorded documents
Certificate of Title: Attorney’s opinion as to who is the true owner
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Title InsuranceTitle Insurance
Insurance against defect not listed in the title report or abstract.
Title commitment: Condition of title as of a specific time
Policy premiums: Single payment
Lender’s policy / Owners Policy
Claims for losses
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Title Insurance Title Insurance Claims for LossesClaims for Losses
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Sample Title ReportSample Title Report
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Sample Title ReportSample Title Report
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Marketable TitleMarketable Title
Marketable title: Reasonably free from litigation
Marketable Title Act – stops claims to rights or interest in land that have been inactive for longer than the required statutory period.
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Key TermsKey Terms
Abstract of title
Acknowledgment
Actual notice
Chain of title
Constructive notice
Marketable title
Public recorder’s office
Quite title suit
Title insurance
Torrens system