Chapter 13 Title Records

recorders office of the county in which the farmland is located

a chicago resident purchases farmland in southern Illinois as as investment, the deed to the chicago resident should be recorded in the what?

an official english translator (credible source local consulate of a county which the language is used) of the document is attached at the time of recording

a deed in any language other than english does not give constructive notice unless?

she does not need the deed to sell if it was recorded

a homeowner wants to sell her property but cannot find her deed what can she do in this situation?

the seller did not mortgage the property

a purchaser went to the county building to check the recorders records, she found that the seller was the grantee in the last recorded deed, and no mortgage was on record against the property, what may the purchaser assume?

a marketable title

a seller delivered a deed to a buyer at the closing, a title search disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact nor did it appear to expose the buyer to possible litigation, the seller's title did not appear to present a threat to the buyer's quiet enjoyment an reasonably well-informed person that the property could be resold, the title conveyed would commonly be called what?

preliminary report of title (commitment to issue a title policy)

after examining the public records, the title company will use what report that describes the type of policy that will be issued?

encroachments, forgeries, or any interests or conveyances that have not been recorded

an abstract of title is condensed history found in public records and does not reveal?

the title company with the submission of credible supporting evidence and they may charge additional fees for the waiver or endorsement

an exception or defect noted in the title commitment may be waived or endorsed by who?

40 years

for normal title searches in Illinois, how far back does the title search go?

through linking conveyances from the present owner back to the earlier recorded owner

how can an unbroken chain of title be traced?

can be sold if a buyer agrees to take it subject to the encumbrances

if a property has encumbrances that will outlast the closing, the property then?

give constructive notice or give actual notice

if anyone has an interest in a parcel of real estate what are the two things they can do to ensure that others know about their interest?

suit to quiet title

if ownership cannot be traced through an unbroken chain, a gap or cloud in the chain title what it is called that makes it necessary to establish ownership by a court action?

75 years

if there is possible litigation in Illinois, how far back does the title search go?

60,000

in Illinois, a recorder of deeds must be elected in each county with a population of how many or more?

one year after redemption period or it becomes null and void

in Illinois, law does not require that most documents be filed or recorded within a specified period of time, however tax deeds by law must be recorded within how much time after the redemption period expires?

title insurance policy

in Illinois, what is the most commonly used evidence that an owner of real property tenders to a prospective purchaser or lender as proof of good title?

mechanics lien that have not been recorded

in Illinois, what may have priority over other liens that have been recorded?

name of the insured party, legal description of the real estate, the estate or interest covered, conditions and stipulations under which the policy is issued, a schedule of all exemptions including encumbrances ad defects found in the public records and any known unrecorded defects

in a preliminary report of title, what does the type of policy that will be issued include?

seller

in most cases in Illinois, the cost of the title search is paid by the?

lynn

mary sold her home to lynn, lynn moved into the home but did not record the deed, a few weeks later, mary died, her heirs in another city were unaware that she had sold the home,the heirs conveyed the title to david, who actually recorded the deed, who owns the property?

mortgages

mortgage title policies protect which parties from loss?

priority

the date and time a document was recorded establish what?

title insurance

the documents called title evidence include what?

constructive notice

the legal presumption that information can be obtained through delinquent inquiry is called?

the face amount of the policy

the maximum loss for which the title company may be liable for cannot exceed what?

the county clerk

the population of outlet county is $54,000 in outlet county the recorder of deeds is who?

disclose no serious defects and not depend on doubtful questions of law or fact to prove its validity, not expose a purchaser to the hazard of litigation or threaten the quiet enjoyment of the property, & convince a reasonably well-informed and prudent purchaser that he could sell or mortgage the property at a later time

the seller is required to deliver a marketable title to the buyer at closing what makes a title marketable?

exclusions, defects and liens listed in policy, defects known to buyer, and changes in land use brought about by zoning ordinances

title insurance does not offer guaranteed protection against all defects, a title company will not insure a bad title or offer protection against defects that clearly appear in a title search such as?

1871

title searches in cook and du page counties can not go back before what year because they were destroyed in the great chicago fire?

inheritance taxes are statutory taxes, real estate taxes and special assessment liens on specific parcels of real estate are not recorded unless they are past due

what are some examples of unrecorded documents?

an abstract and attorneys opinion

what constitutes acceptable proof of ownership?

extended coverage policy

what coverage policy includes the protections of a standard policy plus additional protections from american land title association (ALTA) which protects a homeowner against defects that may be discovered through property inspection, unrecorded rights or persons in possession, examination of survey, and unrecorded liens not known by policyholder?

standard coverage policy

what coverage policy insures the title as it is known from the public records and insures against such hidden defects as forged documents, conveyances by incompetent grantors, incorrect marital statements, and improperly delivered deeds?

detailed information about each parcel of real estate in a city or a county such as notice of encumbrances, and establishing priority of liens also protecting the interests of real estate owners, taxing bodies, creditors, and the general public

what do public records contain?

a record of a property's ownership

what does chain of title refer to?

chain of title

what does not include liens and encumbrances or any other documents not directly related to ownership?

searches the public records and then summarize the events and proceedings that affect title

what does the person who prepares an abstract of title for a parcel of real estate do?

written documents that affect title, such as deeds and mortgages and must be recorded in the county where the land is located

what does the real estate recording system include?

title insurance

what is a contract that is under a policyholder who is protected from losses arising from defects in the title which protects the insured from an event that occurred before the policy was issued and pays claims if the title proves to be defective ?

certificate of title

what is a statement of opinion regarding title status on the date the certificate is issued and is not a full guarantee of ownership rather (used as evidence of ownership) it certifies the condition of the title's history based on an actual examination of the public records in which an owner, a mortgage lender or buyer may request it?

abstract of title

what is a summary of what the title search found in the public record and the person who prepares this report is called an abstractor this person searches all public records and then summarizes the various events and proceedings that affected the title throughout history?

title search

what is an examination of all public records to determine whether any defects exist in the chain of title the records of the conveyance of ownership are examined beginning with the present owner then the title is traced backward to its origin?

the full address of the grantee

what is necessary for a deed to be recorded in Illinois?

a tax deed must be recorded within one year after expiration of he redemption period or it will become null and void

what is one of the requirements for recording a tax deed?

recording

what is the act of placing documents in the public records which provides that any written document that affects any estate, right, title or interest in land must be recorded in the county where the land is located to serve as public notice?

root of the title considered to be 40 years

what is the conveyance that establishes the source of the chain of title?

chain of title

what is the record of a property's ownership beginning with the earliest owner the title may pass to any individuals and each owner is linked to the next so that a chain is formed?

improperly delivered deeds

what is traditionally covered by a standard title insurance company?

the mortgagee's policy covers only the mortgagee

what is true regarding the lender's title insurance?

abstract an attorneys opinion of title

what is used in Illinois as evidence of title which is an opinion of title status based on a review, similar to a certificate of title, the opinion of title does not protect against defects that cannot be discovered from the public record, many buyers purchase title insurance to defend the title from theses defects?

certificate of title, title insurance, or a torrens certificate

what is used to prove ownership in Illinois, to ensure that the grantees assurance is acquiring ownership and that the title is marketable?

marketable title act

what law extinguishes certain interests and cures certain defects arising before the conveyance that establishes the source of the chain of title?

when the parcel of land being transferred is a division of a larger parcel and smaller than five acres

what makes the provisions of the plat act (765 ILCS 205) apply?

constructive notice

what notice gives legal presumption that information may be obtained by an individual through due diligence, information or evidence is readily available to the world a prospective purchaser or lender is responsible for discovering the interest?

actual notice

what notice is direct knowledge meaning not only the information is available but also someone has been given the information and actually knows it such as an individual who has searched the public records and inspected property?

priority

what refers to the order of rights in time that can affect the order in real estate such as who recorded first, which party has possession first etc?

a certificate of title

what title is used as evidence of ownership and it may have unrecorded liens, or rights of parties in possession cannot be discovered by a search of public records, hidden defects such as frauds can no be detected?

to be sure that the seller can lawfully convey title to the property and check to see any evidence of liens or other encumbrances are on the property

what would be a reason a prospective purchaser searches public records?

subrogation

when a title company makes a payment to settle a claim covered by a policy, the company generally acquires the right to any remedy or damages available to the insured what is this right called?

after a loan commitment has been secured or major contingencies in a sales contract have been cleared

when can a title search be ordered?

paid once at closing

when is a premium for the title insurance policy paid?

city clerks, recorders of deeds, county clerks, county treasurers, collectors, and clerks of court

who are public records maintained by?

anyone

who can do a title search in the public records?

a title company, a licensed abstractor, or an attorney

who can prepare a certificate of title and is only liable for negligence in preparing the certificate?

first served principle, first come, first in right, first in time

who does the act of recording generally give legal priority to?

recordings gives constructive notice to the world of the rights and interests of a party in a particular parcel of real estate

why are instruments affecting real estate recorded?

to have evidence that the title is marketable because a deed by itself is not considered sufficient evidence of ownership in Illinois only conveying the grantors interest

why does one need proof of ownership?