© 2008 by South-Western, Cengage Learning Chapter 7 Charles J. Jacobus Thomas E. Gillett

© 2008 by South-Western, Cengage Learning Georgia Real Estate An Introduction to the Profession Seventh Edition Chapter 7 Recordation, Abstracts, and Title Insurance

© 2008 by South-Western, Cengage Learning Public Records Public Records Constructive Notice Recording documents Occupying the property Actual Notice What one has seen, heard, read, or observed

© 2008 by South-Western, Cengage Learning The 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 Acknowledgment

Public Records Tract Indexes Grantor / Grantee Indexes Alphabetical listings by calendar year

© 2008 by South-Western, Cengage Learning Chain of Title Full title search in Georgia is 50 Years.

© 2008 by South-Western, Cengage Learning Cloud on Title Judgments Lawsuits Lis pendens

© 2008 by South-Western, Cengage Learning Ownership Proof Ownership Proof Abstract of Title: Complete historical summary of all recorded documents Certificate of Title: Attorney’s opinion as to who is the true owner

© 2008 by South-Western, Cengage Learning Title Insurance Title 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

© 2008 by South-Western, Cengage Learning Title Insurance Claims for Losses

© 2008 by South-Western, Cengage Learning Sample Title Report

© 2008 by South-Western, Cengage Learning Sample Title Report

© 2008 by South-Western, Cengage Learning Marketable Title Marketable 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 Terms Key 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