Michigan Real Estate Ch. 7 - Transfer Of
Title To Real Proerty Questions And
Answers With Verified Solutions Already
Passed!!!
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 - ANSWER✔✔ grantor 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 - ANSWER✔✔ a 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 - ANSWER✔✔ a public officer who is eligible to take an
acknowledgment
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