Maryland Real Estate - Chapter 7

what is giving interest?

the public notice someone gives when they are interested in a parcel

what is constructive notice

the act of someone doing public record search during due diligence

what is actual notice

the person who did the search knows exactly what is in the public record

what is recording

when records get recorded in public records

where is real estate records recorded?

in the county the real estate is located in

who gets lien priority?

whomever submits their liens in record firstreceives priority over others.

when will taxes or assesments be recorded?

usually around the time they are due or assessed for the property.

will inheritance or transfer tax be recorded

not typicallu

what is chain of title

the recordation of ownership in record

what is a cloud on title

when there is a broken part of the chain of title

what is action on quiet title

when someone tries to fix the cloud on title

what is a title search

what is conducted to see if there are any defects on the title

what is the marketable title act

its what happens to distinguish any defects before the root of title

what is abstract of title

its the summary of anything found in the title search

what is marketable title

its what the seller gives buyer to ensure its a good title free and clear of any defects

can a non marketable title be transfered

yes, but it doesnt ensure ownership and may expose risks

can proof of ownership be done with a deed

no, a certificate of title will need to show proof

what is a certificate of title

its an opinion of title, it also doesnt ensure ownership , it just certifies the condition of the title

what is an attorney opinion of title

it again is a summary of what is found but ensures against no defects that may arise

what does title insurance do

it protects against defects that may arise from previous owners but not the current owner

when is title insurance paid for

at the time of closing

what will title insurance insurance up against

only as much as the face value

what is subrogation

when a company pays out the insurance claim but they own the right to the amount theu paid out on

in title insurance is protection guaranteed

no it is not

what does extended insurance on title insurance insure against

anythign found during inspections, survey exams, and unrecorded liens

what is the torrens system

it is autojmatic verification of ownership through the registrar