defect in title

defect in title

A recorded instrument that would prevent a grantor from giving good or clear title to property.

References in periodicals archive ?
"To the contrary, the filings in the petition proceeding indicate that the title defect was not identified until August 2015, shortly after the first auction of the Property, when Plaintiffs' counsel learned and notified the Partition Commissioner that a title search had revealed the defect in title."<br />The judge further rejected the defendants' argument that one of the plaintiffs had at least constructive knowledge of the title defect based on his conveyance of the property to a trust prior to the 1998 transaction.<br />The seven-page decision is Valchuis, et al.
This state control of what risks will be assumed under title policies, what rates must be charged, and what reserves must be established, is part of Florida's comprehensive regulatory scheme, which balances a number of important interests: 1) keeping title insurance rates reasonably low for the benefit of all consumers; 2) attracting title insurers to do business in the state by assuring them a reasonable rate of return on their investment; and 3) protecting the solvency of the title insurance industry so consumers may be reimbursed in the event of a defect in title. (53) Rates are charged under a formula based strictly on the amount of the policy, and an insurer's liability is, therefore, intended to be limited to no more than the amount of the policy.
Interestingly, however, Safeco, Endrushchat, and Shada do not represent a uniform approach to what damages are recoverable upon a partial defect in title in Florida prior to the 1992 policy.
(39) This state control of what risks will be assumed under title insurance policies and what rates will be charged for those title insurance policies is part of Florida's comprehensive regulatory scheme under which the state balances a number of important interests: a) keeping title insurance rates reasonably low for the benefit of consumers; b) attracting title insurers to do business in the state by assuring them a reasonable rate of return on their investment; and c) protecting the solvency of the title insurance industry so consumers will be certain to be reimbursed in the event a defect in title occurs.
1953) (insurer liable for consequential damages where insurer knew insured purchased property to build a home but refused to do anything about a defect in title); Buquo v.