| A | B |
|---|
| Insurer/underwriter | is a title insurance company |
| Title insurance companies provide | insurance coverage via policy & pays claims |
| NJ DOBI | Regulates Title Insurance companies & provide financial info, rate and form filings |
| Chain of title - series of transactions that | affect title to particular parcel of land |
| Abstract - written history/summary | of recorded documents that evidence the series of transactions/chain of title |
| Transfer Tax and recording | Written instruments evidencing conveyance of title or Transfer of interest in land require payment of transfer tax |
| Payment of Transfer tax | required to record written instruments (some are exempt) |
| Exemption of payment for county or state transfer tax being claimed | must be referenced on face of the instrument |
| Recording Requirements -the amount of consideration for a transfer of an interest in real estate must be stated on the face of the instrument | evidencing such transfer or a transfer valuation affidavit must be filed to the register of deeds to recording |
| Tax certificate from county treasurer | shows no delinquent real estate taxes AND is required b4 certain instruments can be recorded |
| ** There are a number of other Recording Requirements that must be met before transfers of an interest can be recordeed | Recording of Instruments is responsibility of country clerk OR register of deeds for the county the Real Estate is located in |
| Warranty Deed | conveys all right, title and interest that a grantor has in real estate |
| Unlike a Quitclaim deed, a Warranty Deed | also contains a covenant that the grantor has the interest being conveyed & will defend such interest against any other party |
| Covenant Deed | conveys all right, title and interest the grantor has in the land being conveyed |
| In a Covenant Deed | the grantor has not done anything which would affect the interest being conveyed |
| Unlike a Warranty deed, warranties in a Covenant deed | are limited to the acts of the grantor and NOT any PREDECESSOR in title |
| Foreclosure - a party enforces a lien or security interest in land | includes a sale of the land to satisfy a debtor obligation for which the lien or security was given |
| Foreclosure lenders | are entitled to enforce their security interest through "Foreclosure by Judicial action" |
| "Foreclosure by Judicial action" (governed statute) | proceeding where lender files an action in court seeking a judgement declaring a default and a sale of the property to satisfy the debt(s). Can take 6+ months for sale |
| lender may Judicial Foreclosure if | priority issues btw other parties & the foreclosing lender |
| After Foreclosure sale | deed is delivered to purchaser of the sale by person conducting the sale, usually Sheriff of Deputy Sheriff |
| Foreclosure has period of time to redeem property | redeem by paying redemption price |
| Redemption Price | amount bid at sale plus INTEREST from the time of sale |
