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Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon the death of the legal title holder (owner). For example: When a person having legal title to property dies, heirs at law or beneficiaries per the ...
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law , a deed is any legal instrument in writing which passes, affirms or confirms an interest , right , or property and that is signed, attested, delivered, and in some jurisdictions , sealed .
The record title holder is not necessarily the actual owner of the land if there are previous unrecorded deeds to it to others. The principal legal theory is that once a person has conveyed the title to his or her property (or some aspect of it) to someone, he or she has nothing left to transfer to any subsequent person.
A general warranty deed is the most common deed you'll come across in a standard home sale. It's "the physical representation of the transfer of ownership," says Kendall Bonner, a licensed Florida ...
Allodial title is related to the concept of land held in allodium, or land ownership by occupancy and defence of the land. Most property ownership in common law jurisdictions is fee simple . In the United States, the land is subject to eminent domain by federal, state and local government, and subject to the imposition of taxes by state and/or ...
A muniment or muniment of title is a legal term for a document, title deed or other evidence, that indicates ownership of an asset. The word is derived from the Latin noun munimentum, meaning a "fortification, bulwark, defence or protection". [1] Thus "muniments of title" means the written evidence which a land owner can use to defend title to ...
A deed of reconveyance is a document that transfers the title of a property from the bank or mortgage company to the borrower once they’ve fully paid off the debt. What information is included ...
A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction. Typically such a deed will not warrant that the property title is free and clear, and it remains up to the grantee to check that the property is not subject to any legal encumbrances. [11]
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