Abstract of Title
A written summary or history of all past conveyances regarding a property, includes a listing of recorded liens and judicial proceedings. Used to establish the "chain of title" in an effort to determine the quality of the title.
Policy insuring against loss due to title defects.
Chain of Title
Series of successive conveyances regarding a property from the original land grant up to today.
Theory that information regarding a property's title is available through diligent inquiry of recorded instruments or inspecting for actual possession.
Attorney's Opinion of Title
Following an inspection of the chain of title and public records, an attorney's opinion as to the title's quality or condition.
Title to real estate that is deemed to be good or clear, and free of any litigation.
Certificate of Title
Instrument prepared by an abstractor or attorney stating the condition of the title. Not title insurance, just a professional's opinion as to the quality of the title.
Rights in time. i.e. The 1st mortgage has priority over the 2nd mortgage.
The act of placing documents regarding a specific property in the recorder's office to give constructive notice of ownership or other interests. (Deeds, liens, restrictive covenants etc. are commonly recorded).
Systematic review of public records regarding a piece of property to determine ownership and the existence of any liens or claims.
The substitution of one party for another regarding a lawful claim or right. (i.e. When a title insurance company pays a claim to satisfy a lien that a grantor failed to disclose, they may now sue the grantor through the right of subrogation).
Suit to Quiet Title
Court proceeding to settle questions regarding title and other claims regarding a property.