3.Chapter 3.D - Activities 1&2

1. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place is known as___

Closing Statement

2. A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer is known as___

Marketable Title

3. The amount charged as due or owing is known as___

Debits

4. The sequence of historical transfers of title to a property. It runs from the present owner back to the original owner of the property___

Chain of Title

1. A legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest is known as___

Title

2. An examination of the public records to determine the ownership and encumbrances affecting real property is known as___

Title Search

3. The allocation of closing costs and credits to buyers and sellers is known as___

Proration

4. A summary of all of the recorded instruments and proceedings which affect the title to property, arranged in the order in which they were recorded is known as___

Abstract of Title