Overview Personal Covenants for Title Overview Personal Covenants for Title Title Examination Overview Personal Covenants for Title Title Examination Title Insurance Overview Personal Covenants for Title ID: 502714
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Slide1
Methods of Title AssuranceSlide2
Overview
Personal Covenants for TitleSlide3
Overview
Personal Covenants for Title
Title ExaminationSlide4
Overview
Personal Covenants for Title
Title Examination
Title InsuranceSlide5
Overview
Personal Covenants for Title
Title Examination
Title Insurance
Title RegistrationSlide6
Overview
Personal Covenants for Title
Title Examination
Title Insurance
Title Registration
Statutes of Limitations/Adverse PossessionSlide7
Covenants of Title
Quitclaim Deed
No promises.
But, some states by statute say all deeds have some basic promises, e.g., the grantor has not previously conveyed the property.Slide8
Covenants of Title
Warranty Deed – Present Covenants
1. Covenant of
Seisin
Promise that own property transferring
Promise that grantor has not already transferredSlide9
Covenants of Title
Warranty Deed – Present Covenants
2. Covenant of Good Right to Convey
Grantor has right to transfer the propertySlide10
Covenants of Title
Warranty Deed – Present Covenants
3. Covenant Against Encumbrances
Property free and clear of all non-agreed easements, mortgages, liens, covenants, servitudes, etc.Slide11
Covenants of Title
Warranty Deed – Future Covenants
1. Covenant of Quiet Enjoyment
No one with better title will evict grantee.Slide12
Covenants of Title
Warranty Deed – Future Covenants
2. Covenant of Warranty
Grantor will defend grantee’s title (grantor will protect grantee’s quiet enjoyment)Slide13
Covenants of Title
Warranty Deed – Future Covenants
3. Covenant of Further Assurances
Grantor will take steps reasonably necessary to protect or perfect grantee’s titleSlide14
Title Examination
Self-help and self-reliance.
Check all records.
Purchaser
Purchaser’s attorney
Title companySlide15
Methods of Title Assurance
[continued]Slide16
Title Registration [Torrens]
Registration system with limited use in only a few states one of which is Ohio.Slide17
Title InsuranceSlide18
Title Insurance
Typical protected risks:
Grantor’s disability
Marital rights
Forgery
Errors in recording
Undisclosed heirs & pretermitted childrenSlide19
Title Insurance
Typical unprotected risks:
Specifically mentioned exclusions
Purchaser lacks BFP status
Things revealed by inspection
Boundary problemsSlide20
Adverse PossessionSlide21
Adverse Possession
1. Actual possession for required number of yearsSlide22
Adverse Possession
2. Open, visible, and notoriousSlide23
Adverse Possession
3.
Exclusive
Tacking of successive possessors allowed if they are in privity of estate with each other.Slide24
Adverse Possession
4. Continuous and peaceableSlide25
Adverse Possession
5. Hostile
No permission from owner.Slide26
Adverse Possession
6. Under claim of right
Example = forged deed
Element
not always needed but may shorten time period.Slide27
Adverse Possession
7. Cultivates
Element not always required but may shorten time period.Slide28
Adverse Possession
8. Pay property taxes
Element not always needed but may shorten time period.