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In real estate, clear title and clean title are used interchangeably to refer to a home title that is free of liens or other issues. Yes, it’s possible to buy a home without clear title, but it ...
VA Loans - All mortgages executed after March 1, 1988, require that the buyer be creditworthy to assume a seller’s mortgage. If a VA Loan is being assumed by a veteran with a home loan eligibility, the seller may also request to have their eligibility re-instated upon completion of the assumption.
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
In title-theory states, a mortgage continues to be a conveyance of legal title to secure a debt, while the mortgagor still retains equitable title. [23] In lien-theory states, mortgages and deeds of trust have been redesigned so that they now impose a nonpossessory lien on the title to the mortgaged property, while the mortgagor still holds ...
Also, prepare to provide the lender with a clear title, proof of insurance and a photo ID when applying for a car title loan. The lender may also want a set of keys. The lender may also want a set ...
The conveyance is done by the seller(s) signing a deed for buyer(s) or their attorneys or other agents to record the transfer of ownership. Often other paperwork is necessary at the closing. The date of the closing is normally also the date when possession of the real estate is transferred from the seller(s) to the buyer(s). However, the real ...
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
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