LAW 603 Chapter Notes - Chapter 16: Real Estate Broker, Deeds Registration, Specific Performance
22 Jul 2016
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Document Summary
Law603 chapter 16 notes real property: sales and mortgages. Registration system: documents the existence of interests in land. Registry system (or deeds registration system): provides an opportunity to inspect and evaluate documents that may affect real property. Chain of title: is a series of transactions in which ownership was validly passed from one person. The task of searching title is difficult and hazardous ask a lawyer specializing in real estate for expertise. Mistakes may be made, errors may be overlooked for decades, and people rely on this information. The registry system provides access to documents but does not guarantee their accuracy (title insurance) It is the lawyers job to ensure that the seller actually has a good chain of title. Competing claims are resolved by the timing of the registration. Land titles system (torrens system): generates certificates of title that virtually guarantee the validity of the interests that are listed.
