Escrow & Title
In Hawaii, a 'gap' in the chain of title refers to:
AA. A time period when the property was not occupied
BB. A missing link in the recorded ownership history, creating a potential cloud on title✓ Correct
CC. The difference between the asking price and selling price
DD. A period when the property taxes were unpaid
Explanation
A gap in the chain of title is a missing recorded instrument that leaves a break in the ownership history, potentially creating uncertainty about who has clear title.
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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).
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.
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.
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