Vermont Attorneys Title Corporation

• Vermont Title Standards Index ›

  • 1.1 The Role of the Examining Attorney
  • 1.2 The Examining Attorney's Attitude
  • 1.3 Definition of Marketable Title
  • 1.4 Reference to Title Standards in Real Estate Sales Contract
  • 2.1 Period of Search
  • 2.2 The Concept of the Chain of Title and its Relationship of the Rule of Record Notice and the Scope of the Title Searcher's Obligation
  • 2.3 Effect of Recording Instruments Claiming an Interest in Real Estate
  • 2.4 Wild Instruments: Instruments by Strangers to the Record Chain of Title
  • 2.4A After Acquired Property
  • 2.5 Priority of Conveyances
  • 2.6 Time When a Conveyance is Considered as Properly "Recorded"
  • 2.7 Record of Expired Leases or Expired Interests
  • 4.1 Limitation on the Use by Grantor of Corrective Deeds
  • 6.1 Grantors
  • 6.2 Majority
  • 6.3 Mental Capacity
  • 6.4 Marital Interests
  • 6.5 Powers of Attorney
  • 7.1 Grantees
  • 8.1 Name Variances
  • 9.1 Execution, Witnessing and Acknowledgement
  • 11.1 Delivery
  • 13.1 Conveyance by Heirs' Deed
  • 13.2 Conveyance by Devisees in Lieu of Probate Administration
  • 13.3 Omitted Real Estate or Faulty Description of Closed Estate
  • 13.4 Conveyance by Trustee of a Non-Probate Trust
  • 14.1 Conveyance to Two or More Persons
  • 18.1 Federal Special Gift Tax Lien
  • 18.2 Irregularities and Discrepancies in Discharges of Mortgage and other Documents
  • 18.3 Discharges of Corrected, Re-Recorded, or Modified Mortgages
  • 18.4 Effect of Failure to Discharge Assignments of Leases and/or Rent, Riders or Financing Statements
  • 18.5 Discharges Involving Mortgage Electronic Registration System (MERS)
  • 20.1 Presumptions Applicable to Corporate Conveyances
  • 22.1 Limited Liability Companies
  • 23.1 Federal General Tax Lien
  • 24.1 Federal Special Estate Tax Lien
  • 25.1 Federal Gift Tax Lien
  • 27.1 Vermont Estate Tax Lien
  • 28.1 Establishing Marketable Title To Interests In Real Property Owned By Failed Financial Institutions
  • 28.2 Title of the Receiver of a Failed Financial Institution to the Assets of That Institution
  • 28.3 Title of the Immediate Transferee of the Receiver of a Failed Financial Institution
  • 28.4 Marketability of Title In a Real Estate Interest of a Failed Financial Institution for Which No Conveyance, Transfer or Assignment Appears of Record Prior to the Dissolution of the Bridge Institution Which Had Continued The Business of the Failed Institution
  • 28.5 Discharges, Partial Releases, Assignments and Foreclosure of Mortgages of a Failed Institution By a Transferee of the Receiver For Such Failed Institution

CHAPTER I

TITLE EXAMINATION

STANDARD 1.1

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THE ROLE OF THE EXAMINING ATTORNEY

The role of the attorney is to secure for the attorney's client a title which is in fact market­able, subject to the terms of the client's contract specifying permitted encumbrances, if any. An attorney must ( i ) examine the land records to determine marketable record title; ( ii ) take into consideration other matters outside the land records which may affect the market­ability of title; and ( iii ) disclose and report to the client those matters affecting marketability of title which would lead a reason­ably prudent buyer to refuse to take a conveyance of the property, when paying full value for it.

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Comment 1 . See Standard 1.3 for a definition of marketable title.

Comment 2 . A contract for the sale of real estate includes an implied condition that, except for the encumbrances referred to therein, marketable title is to be transferred unen­cumbered with any defects.

Comment 3 . The role of the attorney in a real estate transaction is broader than the role of the title examiner. The determination of marketable title is one element among several. The attorney's obligation is to counsel the client on all elements of the transaction, subject to the terms of the attorney's engagement. Refer to Ethical Consideration 7-8 of the Code of Professional Responsibility.

Comment 4 . An attorney must consider information outside the land records that comes to the attorney's attention during the course of representing the attorney's client.

Comment 5 . The attorney must disclose to the attorney's client information which may affect marketability of the title of which the attorney has actual knowledge or which is properly filed and indexed in the land records. The disclosure should be made in a manner such that it is understand­able to the client and in reasonable detail to permit the client to make an informed decision regarding title to the property.

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