© 2008 Dearborn Real Estate Education Title Insurance for Real Estate Professionals, 2 nd Edition by Jeanine W. Johnson.

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Presentation transcript:

© 2008 Dearborn Real Estate Education Title Insurance for Real Estate Professionals, 2 nd Edition by Jeanine W. Johnson

© 2008 Dearborn Real Estate Education CHAPTER 1 BASICS OF TITLE INSURANCE “What do Title Insurance Companies do?”

© 2008 Dearborn Real Estate Education Discuss how title insurance indemnifies Explain the bundle of rights Summarize components of real estate List and explain government rights in land LEARNING OBJECTIVES

© 2008 Dearborn Real Estate Education KEY TERMS Look at the list of Key Terms Check off any you do NOT recognize

© 2008 Dearborn Real Estate Education Title insurance companies "insure” “title” to “real property”

© 2008 Dearborn Real Estate Education “Insure” $$$$$$ To indemnify by providing monetary reimbursement for losses

© 2008 Dearborn Real Estate Education “Title” The rights of ownership in real property in real property

© 2008 Dearborn Real Estate Education “Real Property” and its various components

© 2008 Dearborn Real Estate Education “Real Property components” 1. SURFACE

© 2008 Dearborn Real Estate Education “Real Property” 2. SUBSURFACE

© 2008 Dearborn Real Estate Education 3. AIR SPACE “ Real Property”

© 2008 Dearborn Real Estate Education 4. RIGHTS “ Real Property”

© 2008 Dearborn Real Estate Education Real Property includes “Improvements” Attachments to real estate intended to be PERMANENT Examples: houses, fences, driveways, trees, bushes…

© 2008 Dearborn Real Estate Education Real Property Includes “Fixtures” Attachments to improvements that become part of the real estate. Examples: Heating, Plumbing & Electrical Fixtures

© 2008 Dearborn Real Estate Education Trade Fixtures used in a business or trade (usually when leasing.) Emblements, or farm crops, can be sold separately from the land. Exceptions to fixture rule

© 2008 Dearborn Real Estate Education Chattels Personal Property, i.e. EVERYTHING that is NOT real estate Examples: Furniture, Vehicles, Stocks, Bonds

© 2008 Dearborn Real Estate Education Chattels Include Cash, Contracts, Purchase Agreements

© 2008 Dearborn Real Estate Education Modular Housing Real or Personal Property? Is it attached as an improvement and taxed as real property?

© 2008 Dearborn Real Estate Education RIGHTS, TITLE AND INTERESTS Certain Rights always belong to the Government

© 2008 Dearborn Real Estate Education Government Rights 1. Police Powers

© 2008 Dearborn Real Estate Education Government Rights 2.Eminent Domain

© 2008 Dearborn Real Estate Education 3.Taxation Government Rights

© 2008 Dearborn Real Estate Education Government Rights 4.Escheat

© 2008 Dearborn Real Estate Education HIERARCHY OF GOVERNMENT RIGHTS

© 2008 Dearborn Real Estate Education Federal Government is highest, followed by State followed by County and then Municipal

© 2008 Dearborn Real Estate Education PRIVATE RIGHTS IN LAND are often discussed in terms of a “bundle of rights”.

© 2008 Dearborn Real Estate Education Title insurance can insure almost any estate in real property- fee title, a mortgage, a land contract, an easement...

© 2008 Dearborn Real Estate Education Three Areas Title Companies examine to reduce risk

© 2008 Dearborn Real Estate Education CONSTRUCTIVE NOTICE the rights shown by the public record.

© 2008 Dearborn Real Estate Education ACTUAL NOTICE when something can be observed, heard or sensed.

© 2008 Dearborn Real Estate Education RIGHTS AS CONSEQUENCE OF LAW Unrecorded documents, grantors under legal age, fraud, forgery, duress, insanity, incompetency, unknown heirs, undisclosed marriage, identity theft…

© 2008 Dearborn Real Estate Education REVIEW QUESTIONS