Dreissena Mussel Early Detection Monitoring Methods and Quality Assurance Workshops:
Methods of Title Assurance
description
Transcript of Methods of Title Assurance
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Methods of Title Assurance
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Overview
1. Personal Covenants for Title
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Overview
1. Personal Covenants for Title
2. Title Examination
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Overview
1. Personal Covenants for Title
2. Title Examination
3. Title Insurance
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Overview
1. Personal Covenants for Title
2. Title Examination
3. Title Insurance
4. Title Registration
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Overview
1. Personal Covenants for Title
2. Title Examination
3. Title Insurance
4. Title Registration
5. Statutes of Limitations/Adverse Possession
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Covenants of Title
Quitclaim Deed
No promises.
But, some states by statute say all deeds have some basic promises, e.g., the grantor has not previously conveyed the property.
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Covenants of Title
Warranty Deed – Present Covenants
1. Covenant of Seisin
▪ Promise that own property transferring▪ Promise that grantor has not already
transferred
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Covenants of Title
Warranty Deed – Present Covenants
2. Covenant of Good Right to Convey
▪ Grantor has right to transfer the property
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Covenants of Title
Warranty Deed – Present Covenants
3. Covenant Against Encumbrances
▪ Property free and clear of all non-agreed easements, mortgages, liens, covenants, servitudes, etc.
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Covenants of Title
Warranty Deed – Future Covenants
1. Covenant of Quiet Enjoyment
▪ No one with better title will evict grantee.
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Covenants of Title
Warranty Deed – Future Covenants
2. Covenant of Warranty
▪ Grantor will defend grantee’s title (grantor will protect grantee’s quiet enjoyment)
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Covenants of Title
Warranty Deed – Future Covenants
3. Covenant of Further Assurances
▪ Grantor will take steps reasonably necessary to protect or perfect grantee’s title
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Title Examination
Self-help and self-reliance.
Check all records. Purchaser Purchaser’s attorney Title company
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Methods of Title Assurance
[continued]
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Title Registration [Torrens]Registration system with limited
use in only a few states one of which is Ohio.
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Title Insurance
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Title Insurance
Typical protected risks:
Grantor’s disability Marital rights Forgery Errors in recording Undisclosed heirs & pretermitted
children
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Title Insurance
Typical unprotected risks:
Specifically mentioned exclusions Purchaser lacks BFP status Things revealed by inspection Boundary problems
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Adverse Possession
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Adverse Possession
1. Actual possession for required number of years
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Adverse Possession
2. Open, visible, and notorious
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Adverse Possession
3. Exclusive
Tacking of successive possessors allowed if they are in privity of estate with each other.
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Adverse Possession
4. Continuous and peaceable
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Adverse Possession
5. Hostile
No permission from owner.
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Adverse Possession
6. Under claim of right
Example = forged deed Element not always needed but may
shorten time period.
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Adverse Possession
7. Cultivates
Element not always required but may shorten time period.
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Adverse Possession
8. Pay property taxes
Element not always needed but may shorten time period.