Escrow & Title
In North Dakota, 'chain of title' refers to:
AThe physical chain used to secure a property
BThe chronological sequence of recorded ownership interests from the earliest available record to the present owner✓ Correct
CA list of all mortgage holders
DThe sequence of listing agents who have marketed a property
Explanation
The chain of title is the history of recorded ownership, showing how title has passed from one owner to the next through deeds and other instruments. A complete, unbroken chain of title demonstrates a clear record of ownership and is essential for marketable 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).
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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