Escrow & Title
The 'chain of title' refers to:
AThe chain of command within a title company
BThe sequence of historical transfers of ownership and encumbrances from the original grantor to the present owner✓ Correct
CThe chain of custody for keys to a property
DThe list of title insurance companies that have insured the property
Explanation
The chain of title is the chronological sequence of recorded ownership transfers and encumbrances for a parcel of real property, from the original conveyance to the present owner. A complete chain of title is essential for marketable title and for a title insurer to issue a policy.
Related Illinois Escrow & Title Questions
- In Illinois, the recording of a deed in the county recorder's office provides:
- In Illinois, when is a deed considered effective to transfer title?
- An abstract of title in Illinois is:
- Title insurance that protects the lender's interest in the mortgaged property is called:
- In Illinois, what does 'abstract of title with attorney opinion' mean?
- In Illinois, the term 'equitable title' describes the interest held by:
- A title company that issues a title insurance policy must maintain which type of financial reserve?
- In Illinois, recording a deed at the county recorder's office provides:
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