Michigan Real Estate Ch. 7 - Transfer of Title to Real Property Questions and Answers 100% Accurate
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Course
Michigan Mechanic
Institution
Michigan Mechanic
Michigan Real Estate Ch. 7 - Transfer of Title to Real Property Questions and Answers 100% Accurate
Abstract title
- condensed history of the title
- provides a summary of all links in the chain of title plus any other public record matters affecting the title
- includes legal description of pr...
Michigan Real Estate Ch. 7 - Transfer of
Title to Real Property Questions and
Answers 100% Accurate
Abstract title - answer- condensed history of the title
- provides a summary of all links in the chain of title plus any other public record matters
affecting the title
- includes legal description of property & summarizes every related instrument in
chronological order
- one form of commercial title evidence
- once completed an attorney must examine it to ensure the chain of title is clear and
unbroken
- rarely used in MI
Leasehold policy - answer- protects the lessee (leaseholder) &/or mortgagee against
defect in the lessor's title
- used in MI in commercial transactions
acknowledgement - answergrantor must appear before a public officer (notary public)
and state that the signing of the deed was done as a voluntary act. (Mi requires deed be
acknowledge to be recorded)
Lien foreclosure sale - answer- When real property is sold at a public auction to satisfy a
specific or genera lien against lithe property
- is without consent of property owner who incurred the debt
- ordered by the court or authorized by state law
- title conveyed to purchaser by sheriff's deed
Adverse possession - answer- A person other than the owner that can claim title to real
property
Marketable (merchantable) title - answera title that is readily salable in a locality
Alienation - answer- Transfer of title to real property
- property is separated from the owner
- may be voluntary or involuntary
- transfer may be during an owner's life or upon owner's death
, Bargain and sale deed - answer- may or may not have covenants of warranty
- have an implied covenant on the the part of the grantor that he/she has a title and
possession of the property
- grantees should require these types of deed have specific warranties
Mortgages policy - answer- protects only the mortgagee
- the mortgagee is insured against defects int he title to property pledge as security in
the mortgage
- policy decreases as the loan principle decreases
- paid by the purchaser
Notary public - answera public officer who is eligible to take an acknowledgment
beneficiary - answerThe recipient of the gift of PERSONAL property
Owners policy - answer- for the protection of the new owner
- written for the amount the new owner paid for the property
- remains the same for the life of the policy unless owner gets an inflation rider
- remains in effect for the duration of insured's ownership of property and after death to
benefit heirs
- premium paid by seller
Bequest - answerA gift of PERSONAL property by will
Personal representative - answerThe person appointed by the court to distribute the
property of a person dying intestate
Bona fide purchaser - answer- a buyer of property who relies on the records and is
unaware of an unrecorded prior document
- his real estate is protected because of recordings
Plat - answermap
Certificate of title option - answer- once the attorney examines the abstract of title, he
gives a written one of these which states what person or entity owns the real estate and
the quality of the title
Premises clause - answer- general introductory info such as date, names of
grantor/grantee, consideration, granting clause, deed restrictions & covenants, legal
description and any "subject to" clause
Chain of title - answer- tracking the successive conveyances of title starting with the
current deed and going back an appropriate time (40-60 years), often researching back
to original title
Principal meridians - answer- the 36 north-south lines dividing the country
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