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When a vehicle is financed, the certificate of title is normally held by the lender, who must release it to the purchaser once the balance is paid off. In some states, such as New York and Maryland, the transferred title is sent directly to that individual, but the name of the lender or lienholder appears on the title as well.
In some cases, a title can also serve as a permanent legal record of condemnation of property, such as in the case of an automobile junk or salvage title. In the case of real estate, the legal instrument used to transfer title from one person or entity to another is via the deed.
The lessor can do the title transfer paperwork on your behalf, but it may charge you a processing fee. The lease buyout title transfer process is similar to a private- or third-party vehicle purchase.
Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
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In order to register a parcel of land in Land Court for the first time, an application with supporting documents proving good title is filed with the court. If successful, the Land Court issues an Original Certificate of Title, and issues Transfer Certificates of Title for all subsequent valid transfers.
It represents the transfer of ownership from your mortgage lender to you. Over the time you repaid your mortgage, you legally owned the property, but the lender held the mortgage lien, or claim ...
The certificate is known as a "pink slip" after the color of the piece of paper that was issued to owners, until a 1988 change in the document. [10] The original "pink slip" (or a replacement issued by the DMV, if the original is lost) is needed to transfer ownership of the vehicle, like during a sale. [10]