LAW 603 Lecture Notes - Lecture 7: Liability Insurance, Title Insurance, Mortgage Fraud
4 Feb 2017
School
Department
Course
Professor
Document Summary
The law that governs the purchase and sale of real property like central vehicle for financing such transactions (mortgages) and for parties to register their legal interest in real property. This chapter address security interests in real property (land and buildings) and protection of those interest by registration. Documents the existence of interests in land as risk management it is important to keep track of all interests. Land title system: generates certificates of title that virtually guarantee the validity of the interests that are listed, current and increasingly dominant registration system, most searches are undertaken electronically (teranet) Land title system operates under the doctrine of indefeasibility (the interests that are included in a certificate of title cannot be defeated) Mirror principle: purchaser can rely on the certificate when buying the property all interests listed in a certificate of title generally are valid.
