Escrow & Title
A Minnesota buyer is purchasing a property through an abstract title system (non-Torrens). After the title search, the buyer receives a(n):
AGovernment certificate of title guaranteeing ownership
BAbstract of title with an attorney's opinion letter✓ Correct
CSimple bill of sale for the property
DFederal deed of trust
Explanation
In Minnesota's abstract title system, a title company or attorney searches the property's recorded history and prepares an abstract summarizing all recorded documents. An attorney then reviews the abstract and provides an opinion letter stating whether title is marketable.
People Also Study
Related Minnesota Questions
- In Minnesota, what is the primary advantage of the Torrens system over the abstract system of title registration?Property Ownership
- In Minnesota, a Torrens certificate of title provides which benefit over abstract title?Escrow & Title
- A Minnesota title company's title plant contains copies of all recorded documents in a county going back many decades. Why do title companies maintain these records?Escrow & Title
- In Minnesota, the Marketable Title Act limits title searches by:Property Ownership
- The Torrens system of land registration used in parts of Minnesota differs from the abstract system in that:Property Ownership
- In Minnesota, a 'certificate of title' under the Torrens system is considered:Escrow & Title
- A Minnesota title company discovers the seller's name on the deed is misspelled (different from their legal name on all other documents). This is called a:Escrow & Title
- In Minnesota, when a property is inherited through a will, the heir receives title through which document?Property Ownership
Key Terms to Know
Abstract of Title
A 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).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Study This Topic
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →