Escrow & Title
What is the primary purpose of recording a deed in Delaware's public records?
ATo pay the transfer tax
BTo provide constructive notice to the world and establish priority of ownership✓ Correct
CTo obtain a building permit for improvements
DTo initiate the title insurance policy
Explanation
Recording a deed in Delaware's county land records provides constructive notice of the conveyance to the world and establishes the priority of the grantee's interest against subsequent purchasers and creditors.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
State-Specific Concepts
Transfer Tax
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