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A retention of title clause (also called a reservation of title clause or a Romalpa clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price).
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.
An abstract of title should be distinguished from an opinion of title. While an abstract states that all of the public record documents concerning the property in question are contained therein, an opinion states the professional judgment of the person giving the opinion as to the vesting of the title and other matters concerning the chain of ...
Title issues are not common, but if the title search uncovers one — or if it doesn’t, but one comes up later — there can be considerable legal costs. This is where title insurance comes in.
For a purchaser of real estate, my suggestion would be to review the title commitment carefully. Make sure the seller you are working with is vested in title as the owner by the last deed filed of record. If there is any discrepancy find out why. Make sure the legal descriptions of the title commitment and purchase contract match each other.
Paramount title is not always the best (or highest) title, since it is necessarily based on some other person's title. [ 3 ] [ 4 ] A quiet title action is a lawsuit to resolve with any cloud on title , such as competing claims or rights to real property, for example, missing heirs , tenants , reverters , remainders and lien holders all ...
Typically the letter of credit will request an original bill of lading as the use of a title document such as this is critical to the functioning of the letter of credit. [18] However, the list and form of documents is open to negotiation and might contain requirements to present documents issued by a neutral third-party evidencing the quality ...
Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity—often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local ...