Escrow & Title
In Illinois, the grantor-grantee index in the county recorder's office is organized by:
AProperty address alphabetically
BPIN (Property Index Number) numerically
CThe names of grantors and grantees alphabetically, which allows searchers to trace the chain of title✓ Correct
DThe date of recording chronologically
Explanation
The grantor-grantee index organizes recorded documents by the names of grantors (sellers/transferors) and grantees (buyers/transferees) alphabetically. Title searchers use this index to trace the chain of title by starting with the current owner and working backward through previous transactions.
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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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
DRE Regulation
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