Unit 4

Recording

The priority of a recorded instrument is determined by the date of _______.

Title search

When an attorney or title insurance company traces the ownership of a parcel of land to the beginning of its recorded history, the process is known as a _______.

Lis pendens

A recorded notice stating that a pending lawsuit may affect title to a particular property is a _______.

Abstract of title

A document that summarizes all recorded interests affecting title to a given parcel of land is an _______.

Chain of title

All the documents that comprise the history of the title are the _______.

Title insurance

Protection against incomplete or defective records of the title to land can best be obtained by securing _______.

Encapsulate, abate

In many cases, it is better to _______ asbestos than to ______ it.

Exception

A defect or problem that is not covered by standard or extended title insurance is an ______.

Debit

When prorating, an item paid in advance will be a _______ to the buyer.

After

Defects in title are covered only if they are found _______ closing.

Credit

An item paid in arrears will be a _______ credit to the buyer.

Notarized

Most deeds to be recorded must be _______.

Credit

A new loan will show on the closing statement as a buyer _______.

Prorated

Shared items, such as property taxes and water bills, will be _______ between the buyer and the seller.

Radon

_______ is an odorless, colorless gas that if found, is often mitigated by adding ventilation.