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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Examination of Title


Synonyms:audit, evaluation of title, investigate, research, scrutinize, study, survey
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of examination of title

examination of title
1. A review of public records and title abstracts to determine the chain of ownership of a property.

Related Terms and Acronyms:

  • abstract of title (ab)   A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
      ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
  • certificate of title   A written document stating that the title to a piece of property is legally vested in the present owner.
  • chain of title   Legal records that trace ownership of a property from the most recent owner to the original owner.
  • clear title   Title not burdened by liens or legal questions.
  • cloud on title   A claim on title to property that could impair the ability to transfer ownership.
  • title report   A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
  • title search   A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.

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