© 2008 by South-Western, Cengage Learning

Chapter 7Chapter 7

Charles J.Jacobus

Thomas E.Gillett

© 2008 by South-Western, Cengage Learning

Georgia Real EstateGeorgia Real EstateAn Introduction to the ProfessionAn Introduction to the Profession

Seventh EditionSeventh Edition

Chapter 7Chapter 7

Recordation, Abstracts, Recordation, Abstracts,

and Title Insuranceand Title Insurance

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Public RecordsPublic Records

Constructive Notice Recording documents

Occupying the property

Actual Notice What one has seen, heard, read, or observed

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The Recorder’s RoleThe Recorder’s Role

The public recorder’s office serves as a central information station for changes in rights, estates, and interests in land.

© 2008 by South-Western, Cengage Learning

AcknowledgmentAcknowledgment

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Public RecordsPublic Records

Tract Indexes

Grantor / Grantee IndexesAlphabetical listings by calendar year

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Chain of TitleChain of Title

Full title search in Georgia is 50 Years.

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Cloud on TitleCloud on Title

Judgments

LawsuitsLis pendens

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Ownership ProofOwnership Proof

Abstract of Title: Complete historical summary of all recorded documents

Certificate of Title: Attorney’s opinion as to who is the true owner

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Title InsuranceTitle Insurance

Insurance against defect not listed in the title report or abstract.

Title commitment: Condition of title as of a specific time

Policy premiums: Single payment

Lender’s policy / Owners Policy

Claims for losses

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Title Insurance Title Insurance Claims for LossesClaims for Losses

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Sample Title ReportSample Title Report

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Sample Title ReportSample Title Report

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Marketable TitleMarketable Title

Marketable title: Reasonably free from litigation

Marketable Title Act – stops claims to rights or interest in land that have been inactive for longer than the required statutory period.

© 2008 by South-Western, Cengage Learning

Key TermsKey Terms

Abstract of title

Acknowledgment

Actual notice

Chain of title

Constructive notice

Marketable title

Public recorder’s office

Quite title suit

Title insurance

Torrens system