Real Estate Terminology

RRES.com What is the Covenant of Seisin Clause_

What is the Covenant of Seisin Clause? – Captain’s Corner

By |2019-05-30T14:18:30-05:00July 16th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is the Covenant of Seisin Clause? The covenant of seisin (also seizin) is a promise that the grantor owns the property and has the right to convey title. The covenant of seisin states that the property is free from liens or other encumbrances except as noted in the deed. This clause gives the grantee notice of all encumbrances (liens, restrictions, and so forth) associated with the property. These covenants cannot, and do not, guarantee a marketable title. The clauses are only as good as the grantor. If the grantor is insolvent or unreliable, the covenants are of little or no value. Want [...]

RRES.com What is Title Insurance_ (1)

What is Title Insurance? – Captain’s Corner

By |2019-05-30T14:18:41-05:00July 9th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is Title Insurance? Title insurance is a contract that protects the policyholder from losses arising from defects in the title. Florida law does not require title insurance. It is a unique type of insurance. It protects against loss from past occurrence, such as a forged deed somewhere in the chain of title. Other insurable title defects include flaws due to incorrect marital status and incapacity of a grantor due to mental incompetence. The title insurance company will defend a lawsuit based on an insurable defect, and it will pay claims up to the face amount of the policy if the [...]

RRES.com What is Abstract of Title_

What is Abstract of Title? – Captain’s Corner

By |2019-05-30T14:18:54-05:00July 2nd, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is Abstract of Title? An abstract of title is a summary report of what the title search found in the public record. The person who prepares this report is called an abstractor. The abstractor searches the public records and then prepares a condensed history of the various events and proceedings that affected the title throughout the last 30 years. All recorded liens and encumbrances are included, along with their current status. However, the abstract of title does not reveal such items as encroachments or forgeries, or any interests or conveyances that have not been recorded. Want to Learn More? Ready to take [...]

RRES.com What is a Chain of Title_

What is a Chain of Title? – Captain’s Corner

By |2019-05-30T14:19:10-05:00June 25th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is a Chain of Title? A chain of title is the complete successive record of a property's ownership. To clarify, beginning with the earliest owner, title may pass to many individuals. Therefore, each owner is "linked" to the next and a "chain" is formed. In short, a chain of title is traced through linking conveyances from the present owner back to the earliest recorded owner. Want to Learn More? Ready to take the next step towards a real estate career? Choose Rowlett Real Estate School today and make your real estate career dreams a reality! Check out our Exclusive Fully-Narrated Online Video Course.  [...]

RRES.com What is a Title Search_

What is a Title Search? – Captain’s Corner

By |2019-05-30T14:19:24-05:00June 18th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is a Title Search? A title search is an examination of all the public records to determine whether any defects exist in the chain of title. Recorded instruments such as deeds, divorce decrees, wills, and mortgages are included. In actual practice, the search does not go all the way back in history to the original land grant. State statute determines how far back into history the search must go. Florida's Marketable Record Titles Act limits the search to 30 years. Thus, the original source of title, known as the root of title, goes back 30 years. The law extinguishes certain interests in [...]