Escrow & Title
A 'gap' in the chain of title occurs when:
AThere are too many recorded mortgages on a property
BThere is a missing link in the chain of recorded ownership transfers✓ Correct
CThe most recent deed was recorded more than 10 years ago
DTwo deeds for the same property are recorded simultaneously
Explanation
A gap in the chain of title is a missing recorded conveyance — a point at which no recorded deed links successive owners. A gap is a title defect that must be resolved before marketable title can be established.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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