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When you sell your home, the reconveyance deed is evidence that the property has a clear title, meaning it’s free from any outstanding mortgages or other liens or claims. Without the ...
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 ...
The act of recording provides constructive notice to the world that the property has been encumbered. [5] When the debt is fully paid, the beneficiary is required by law to promptly direct the trustee to transfer legal title to the property back to the trustor by reconveyance, thereby releasing the security for the debt. [6]
Meanwhile, regular title insurance will protect a buyer who unknowingly purchases a house from someone who used a fake deed to pretend to be the owner. But buyers also might want to consider ...
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
The Home Equity Theft Prevention Act (HETPA, NY RPL §265-a) is a New York State law passed on July 26, 2006, to provide homeowners of residential property with information and disclosures in order to make informed decisions when approached by persons seeking a sale or transfer of the homeowner's property, particularly when homeowners are in default on their mortgage payments or the property ...
If repaid on time, the lender would reinvest title using a reconveyance deed. This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of ...
Title insurance often covers financial losses due to missed liens. Filing a claim could result in the insurer covering the lien cost, sparing you the immediate out-of-pocket expense.