Statute of limitations for: Notice of Lis Pendens - 5yrs
Statute of limitations for:
Tax Sale Certificate privately held - 20yrs (redemption period: have to wait 2 before you can foreclose)
Statute of limitations for:
Tax Sale certificate municipally held - Forever (redemption period: 6 months)
Statute of limitations for: Writ of Attachment - Until final Judgment
Probate goes to which court: - Surrogate court
UCC - Security agreement Used for chattel/personal property. Notice of security agreement- financial
statement must be recorded. Used for Co-Ops. Good for 50 yrs
, plotting - Tracing of metes and bounds description on a survey
Insurance policy date - Date documents recorded. Cutoff date for coverage
Supplemental benefit - Title insurance company reserves the right to either pay the loss or fight the
claim in court. If fight, any legal cats the company incurs are in addition to the amount stated in the
policy. Above and beyond face value of policy.
All of the following index systems are used in NJ except:
A) key B) lusk C) tract D) computerized - C) Tract
Measure of damages - Cost of discharging lien or problem up to face value
Zoning Endorsement - Alta 3 - ensures the use being made of the property complies with the zoning
ordinance, adequate parking and does not violate setback or other zoning requirements
Condo Endorsement - Alta 4.1 - provides certain items of affirmative insurance with respect to
condominium titles
PUD Endorsement - Alta 5.1 - Planned Unit Development- provides affirmative insurance against loss or
damage in four areas of concern to purchasers of planned unit developments and lends: 1) violations of
covenants and restrictions 2) liens for charges and assessments 3) enforced removal of encroachments
(other than boundary wells or fences) 4) exercise of right of first refusal
Variable rate Endorsement - Alta 6 - insures against loss arising from the invalidity of Lin or the insured
mortgage resulting from mod of the insured mortgage
Environmental Endorsement - Alta 8.1 - insures there are o environmental liens of record as of policy
date, expect those shown in Sch B and no state law by which the insured mortgage could lose priority to
an environmental protection lien.
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