| A | B |
|---|
| Simultaneous Issue describes | the issuance of an owner's and loan policy of title insurance with IDENTICAL effective dates |
| Search and examination of title necessary to issue | simultaneous (both) policies are the same title insurance underwriters provide a substantial reduction in the premium charge for the issuance of the loan policy |
| Title Defect | any right held by another to clai property or make demand upon an owner of property |
| Title defects may be discovered | in a search of records which constitute the chain of title |
| examples of Title Defects | a missing conveyance or discharge of mortgage |
| Title defects vs enbumbrances | title defect renders title to land unmarketable/encumbrance such as a utility easement would not have the same effect |
| Marketable title | title free from defects such as encumbrances and is of such condition that a reasonably prudent person would accept the title being conveyed (title in such condition assures purchaser peaceable enjoyment of the property |
| Real Property is property which is | fixed, permanent and of an unmovable nature |
| Real property includes | improvements erected on the surface and everything beneath the surface of the land |
| Real property encompasses land, | rights and improvements pertaining to land |
| Not all improvements located on land | constitute real estate |
| Certain property or improvements may not constitute real estate | if they can be easily severed or removed from the land and were never intended to be permanent improvements |
