REAL EST 312 Study Guide - Quitclaim Deed, Life Estate, Title Insurance
30 Oct 2014
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Actual notice: title info acquired personally by interest holder. Ex: agreement between 2 parties, purchaser seeing an occupant on re bought. 3rd party must have actual notice of other parties, or unrecorded deeds do not give actual notice!! Implied/inquiry notice: legal notice imposed by law when conditions exist leading reasonable people to inquire further into condition of title. Buyers are responsible for any info in records/observable upon re inspection: doesn"t matter if you look at records/re or not still have notice. Buyers automatically have constructive notice of all re taxes. Irrelevant if 1st deed holder records after sale or if subsequent buyer never records. Grantor doesn"t own re after conveyance (under common law) No protection to ppl who get land through gift/inheritance. Title taken from non-recording owners and passed to subsequent owners main point. Purchaser must give consideration to get statute protection - something of value: value can be nominal or recited in deed.
