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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 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.
With a clear title, there’s no doubt who the owner of the property is, or who can claim legal ownership of the property. To get a mortgage, lenders require a thorough title search of local ...
vendee's lien—a buyer's lien on the purchased land as security for repayment of purchase money paid in, enforceable if the seller cannot or does not convey good title. vendor's lien—a seller's lien on land as security for the purchase price (sometimes called an unpaid vendor's lien). voluntary lien—a lien created with the lienee's consent.
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
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.
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 ...
For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...