Escrow & Title
In Minnesota, a 'certificate of title' under the Torrens system is considered:
AA preliminary approval subject to future challenges
BA conclusive, court-certified statement of ownership that is not subject to challenge by prior unrecorded interests✓ Correct
COnly valid for five years before renewal
DEquivalent to an abstract of title
Explanation
Under the Torrens (registered land) system used in many Minnesota counties, a certificate of title is a court-certified document that conclusively establishes who owns the property and what encumbrances exist. Unlike abstract properties, Torrens properties cannot be subjected to adverse possession or lost to prior unrecorded interests.
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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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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