LAW 603 Lecture Notes - Title Insurance, States Of Germany
3 Mar 2014
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Document Summary
Registration system- documents the existence of interests in land. Registry system- provides an opportunity to inspect and evaluate documents that may affect real property. Land title system (torrens system)-generates certificates of title that virtually guarantee the validity of the interests that are listed. Indefeasibility- with very few exceptions, the interests that are included in a certificate of title cannot be defeated. Insurance principle- states that a person who suffers a loss as a result of an error in the system is generally entitled to compensation. Remedies: purchaser lien- allows the purchaser to have the land sold to satisfy the outstanding debt, vendor lien- allows the vendor to have the property sold to satisfy the outstanding debt. Agreement of purchase and sale- creates a contract for the sale of land. In registry system not only charge but a conveyance of title.
