Real Estate Terminology

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 [...]

SM Version RRES.com What are the 4 Types of Satutory Deeds

What are the 4 Types of Statutory Deeds?

By |2019-06-28T18:11:51-05:00June 11th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What are the 4 Types of Statutory Deeds? There are 4 types of statutory deeds: Quitclaim deed Bargain and sale deed Special warranty deed General warranty deed These deeds are called statutory deeds because the law provides for a short form of deed in which the covenants or warranties mentioned are implied to exist just as though they were written out in complete and detailed form. These four deeds are described in the following paragraphs, starting with the one that has the fewest covenants and warranties (quitclaim deed) and ending with the one that has the most covenants and warranties (general [...]

RRES.com What is a Bargain and Sale Deed

What is a Bargain and Sale Deed?

By |2019-06-28T18:12:04-05:00June 4th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is a Bargain and Sale Deed? Normally, a bargain and sale deed consists of the granting clause, habendum clause, and covenant of seisin. However, in the bargain and sale deed, the grantor does not covenant or warrant to defend the title against any future claims or attacks on the title. The bargain and sale deed is sufficient to convey all the title the grantor has. It does little to protect the grantee from clouds or claims on the title. A bargain and sale deed might be appropriate when an out-of-state property owner desires to sell several parcels of land through a Florida real estate [...]

RRES.com What is a Quitclaim Deed_

What is a Quitclaim Deed? – Captain’s Corner

By |2019-05-30T14:20:35-05:00May 28th, 2019|Categories: Captain's Corner, Real Estate Terminology|

What is a Quitclaim Deed? The quitclaim deed is a deed by which the grantor quitclaims unto the grantee all of the grantor's rights, title, and interest to the property, if any. The grantor makes no warranties about the quality or extent of the title being conveyed. This form of deed is useful for clearing existing or potential clouds on the title. A cloud might be some unreleased lien or encumbrance that may superficially impair or cast doubt on the title's validity, such as a recorded mortgage that has been paid in full, but with no satisfaction of mortgage recorded. To clear the [...]

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