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Title insurance companies attempt to achieve this by searching public records to develop and document the chain of title and to detect known claims against or defects in the title to the subject property. If liens or encumbrances are found, the insurer may require that steps be taken to eliminate them (for example, obtaining a release of an old ...
The total costs of a title insurance premium, settlement expenses, and ongoing costs of an annual mortgage insurance premium (if applicable) equate to only about 1% of a borrower’s overall life ...
dragnet lien (United States)—a lien that is enlarged to cover any additional credit extended to the debtor to the same creditor. environmental lien—a charge, security, or encumbrance on a property's title to secure payment of cost or debt arising from response actions, cleanup, or other remediation of hazardous substances or petroleum products.
Clear title means that the title to a property doesn’t have any liens or other issues attached to it. It’s about ownership, and who does — or does not — have a claim to legal ownership on ...
All loans on a car with a lien must be paid off before the seller can transfer clear title to you to complete the transaction. Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
The objective of the title search is to establish clear, marketable title by exposing any outstanding claims prior to the transfer of title. The process of resolving any issues on the title is known as "clearing the title." [2] Each recorded document must name the parties involved, e.g., grantor and grantee.
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
The best way to ensure that claim-related car insurance checks are not made out to both you and a lienholder is to pay off your vehicle and remove the lienholder from your policy. It depends.