An Abstract of Title is a condensed history of the legal ownership of a piece of land, including all conveyances, transfers, grants, wills, judicial proceedings, encumbrances, and liens, as well as evidence of satisfaction and other facts affecting the title.
A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
The Chain of Title is a chronological history of all conveyances and encumbrances affecting a land title.
Examination of Title is a crucial step in the process of buying and selling real estate. It involves investigating the ownership history and any encumbrances related to a specific property to ensure clear and marketable title.
Government accounting encompasses the principles and procedures unique to accounting for federal, state, and local governmental units, with established rules by the National Council on Governmental Accounting.
Marketable title refers to a good or clear title reasonably free from the risk of litigation over possible defects, that a well-informed purchaser, in the use of ordinary business prudence, would be willing to accept.
A Nonmerchantable Title, also known as a dysfunctional or defective title, refers to a property title with significant defects or encumbrances that prevent its clear transfer from one owner to another. These defects can significantly lower the property's market value and complicate transactions.
A title search is an investigation of documents in the public record office to determine the state of a title, including all liens, encumbrances, mortgages, future interests, and so on, affecting the property; it is the means by which a chain of title is ascertained.
A warranty deed is a legal document used in real estate transactions to convey property ownership with guarantees regarding the status of the title.
