Articles
What is meant by the word “Notice?” In most legal jurisdictions in the United States, there are three types: Actual, Inquiry, and Constructive. Actual. Actual notice is based in sensory experience. If you saw, smelled, heard, felt, or tasted it, you are said to have had actual notice. For example, if you see a road, you have actual notice that the road exists. Inquiry. Inquiry notice is the sensory experience that causes a reasonable person…
Read MoreWhy are Exclusions and Exceptions to Title Insurance so important? The standard title insurance form used in whole or part by industry participants is the 2006 Owner’s Policy of Title Insurance produced by the American Land Title Association. The standard ALTA insurance form starts with the following language: “American Land Title Association Owner’s Policy Adopted 6-17-06 COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B (bold italics added) AND THE CONDITIONS,…
Read MoreTitle insurance insures against risks incurred to title when you buy land. However, when you read through a title insurance policy, you’ll find that certain risks are not covered. These uncovered risks to title are colloquially called “special exceptions.” Background The American Land Title Association (ALTA) is the national trade association for the title insurance industry. Founded in 1907, the Association has developed a set of forms, the ALTA title insurance forms, used voluntarily by title insurers across the…
Read MoreWhat is a Title Search? What is a title search? A title search is a report of the public documents record, typically performed by a title company, regarding a specific parcel of land. The search involves documents located in the Recorder’s Office of the county the property is located in. These documents may include: Mortgages Deeds Rights of way Covenants Judgments affecting the title to, or the use of, the property The results of the…
Read MoreIntroduction Title insurance insures risks associated with the transfer of real property. Imagine buying a home only to learn that somehow you don’t own the property. This occurrence can happen and, although unlikely, does happen . . . sometimes. Title insurance covers specific risks to title, ultimately making market-clearing values more predictable and stable. The standard title insurance form used in whole or part by industry participants is the 2006 Owner’s Policy of Title Insurance produced by the American…
Read MoreIntroduction “Chain of title” is the ownership history of a parcel of real property, from the first owner to the present owner. Black’s Law Dictionary, 10th Ed. p. 278 (2014). The chain of title for a parcel of land should go without interruption from the present day back to the original United States government land patent.[1] Why is chain of title important? The reason is that for a current owner of real property to have…
Read More- « Previous
- 1
- 2
- 3
- Next »