Chain of title,
Definition of Chain of title:
Chain of title has considerable significance in real estate. In a real estate transaction, the chain of title is researched on behalf of the buyer by a title company, which summarizes all title transfers and encumbrances in a title report. Title insurance is used by buyers to protect against financial loss ensuing from errors in the title report.
Chronological order of conveyance of a property given in an abstract of title from the earliest owner to the current one.
Chain of title is the official ownership record of a property or asset. Chain of ownership gets its name from its sequential nature; a chain of title traces historical title transfers from the current owner back to the original owner. Due to their critical importance in establishing ownership of a property or asset, rigorous and accurate title records are generally maintained by a centralized registry or system.
Meaning of Chain of title & Chain of title Definition