Homework #2 - Ch 3 - This means that in many cases it is...

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Derek DeLaura Chapter 3 Homework 1. Title insurance protects a grantee (mortgage lender) against legal costs of defending the title and against loss of property in case of unsuccessful defense. Risks include: defective deeds, forgeries, flaws due to incorrect marital status, incapacity of a grantor due to insanity or minority age. Exceptions of title insurance include: restriction owner would know by walking the property, does not insure against claim of title through eminent domain, or limitations placed by the government. 2. The covenant of seizing is an indication that the grantor believes they have title of the property. The title insurer can go after the grantor if there’s false title. 3. Marketable title laws set limits on how far back title searches can go. Restrictive covenants and easements may not reappear in documents that post date a document called the root of title.
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Unformatted text preview: This means that in many cases it is easier to iden±fy who has ±tle of the property and how far a search must go to claim otherwise. (it’s easier) 4. 1 – claim to adverse possession, 2 – easement by prescrip±on 3 – easement of necessity, 4 – easement by estoppel, 5 – leasehold claim, 6 – easements for extrac±on of crops or mineral rights. 5. Survey is helpful to iden±fy the property and all of the features of the property for future use. Things such as trees and rocks can change and be weathered over ±me and it is a good idea to steak a steal or concrete market as the point of beginning. 6. ? 7. It is a good idea to make sure that the best possible use of a ±tle insurance commitment is used. It may not make sense at the ±me to pay a more costly fee but it is good for future incase subdivisions are put up or something along those lines....
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