Escrow & Title
In Tennessee, a 'chain of title' refers to:
AThe sequence of ownership transfers from the original grant to the current owner✓ Correct
BA lender's claim against the property
CThe order in which liens are paid at closing
DA list of all outstanding mortgages on the property
Explanation
Chain of title is the chronological sequence of ownership — each successive conveyance from the original granting authority (usually the government) through to the current owner — documented in recorded instruments.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
Math Concepts
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