Investigation of Property Title

This set of flashcards covers the reasons for the investigation of title and the specific seven-step procedure involved in the process.

What are the two primary protections provided to a property and its client through title investigation?

It protects future marketability of the property and enables the client to make an informed decision on whether or not to proceed with the transaction.

Why is title investigation necessary regarding the documents provided by a vendor?

It enables the purchaser to verify the authenticity of documents furnished by the vendor.

What legal rights and protections does title investigation ensure for the purchaser?

It ensures that the purchaser enjoys quiet possession of the property and confirms the claims of the vendor on the rights to convey the property.

What specific requirement must be verified during title investigation in the case of family land?

It is essential to ensure that the requisite consent was sought.

What is the first step in the procedure for investigation of title?

Collection of epitome and abstract of title from the vendor or his solicitor.

What follows the collection of the epitome and abstract in the title investigation process?

Examination of abstracted documents by the purchaser or his solicitor.

What is the purpose of a physical inspection during title investigation?

To discover patent defects (defects that can be seen by the physical eye) and the state of the property.

At which registries should searches be conducted during title investigation?

The land registry and other relevant places like the Corporate Affairs Commission registry, the probate registry, and the court registry.

What is the fifth step in the procedure for title investigation?

Investigation of family background, history, and tradition, if need be.

What does the process of 'raising requisitions' entail?

Asking questions where necessary to secure ambiguities arising from the investigation.

What is the seventh and final stage of the post-contract title investigation process?

To prepare a search report and send it to the purchaser.