Escrow & Title
In South Carolina, what is a 'gap in title'?
AA physical gap between property boundaries
BA period in the chain of title for which no recorded conveyance can be found✓ Correct
CThe difference between the listed price and sold price
DA missing building permit
Explanation
A gap in title is a missing link in the chain of ownership where no recorded deed or instrument transfers title between known owners. It creates a cloud on title that must be resolved before the property can be sold with 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.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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