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As a homebuyer or seller, you can visit your local property records office or do an online search for the property’s title history. This will tell you what’s in the official records, but it ...
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
Assessment costs are the costs associated in obtaining and processing information. [2] There is a long understanding in the academic community that when transaction costs are high a liability rule will help substitute for bargaining. [3] Judges, however, may have a difficult time in obtaining and processing information in order to assess damages.
Clear title is the phrase used to state that the owner of real property owns it free and clear of encumbrances. In a more limited sense, it is used to state that, although the owner does not own clear title, it is nevertheless within the power of the owner to convey clear title. For example, a property may be encumbered by a mortgage. This ...
Key takeaways. A title search ensures that there are no hidden claims on the property that could impact the ownership rights of the buyer. The search is typically performed by a title company or ...
The record title system differs significantly from land registration systems, such as the Torrens system, that have been adopted in a few states. The principal difference is that the recording system does not determine who owns the title or interest involved, which is ultimately established through litigation in the courts.
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A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, covenants, conditions and restrictions(CC&Rs), agreements, resolutions and ordinances that will affect the real property in question.