RE-160 Lecture Notes - Lecture 15: Real Estate Broker, Title Search, Title Insurance
18 Dec 2020
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Document Summary
The process of verifying the ownership rights being offered by the seller of a property. May be prepared by title company, licensed abstractor, or attorney. Evidence of ownership, but not a guarantee of ownership (unknown defects) It certifies the condition of the title with regard to known filings. Purchased to defend the title from defects. Paid in full when policy is issued. When sale, can"t transfer title insurance to the next person. Protects only against past events that were undiscovered during the title search. Torrens certificate (partial in 8 states not in wa, use chain of title) Title search not needed (no chain of title) Certificate holder transfers certificate to new owner. Relies on the physical document so title is only acquired when it is registered. Land ownership is transferred through registration of title instead. Within a brokerage, each sales agent or broker is an independent contractor that has an individual business.
