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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.
[5] [6] Technical problems with title include misspellings, outstanding debt, unrecorded transactions, and any irregularity that might indicate a break in the chain of ownership. Each of the United States have different procedures for a quiet title action. [7] However, most personal property items do not have a formal document of title. For ...
In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith. The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Sometimes ...
When it comes to selling a home there's a lot to know beyond staging and setting a reasonable list price. As with any industry, there are real estate definitions (homestead, quit-claim) and a set ...
Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they have not searched the records in the recorder's office. This is the doctrine of "constructive notice" and it is nearly universal in the various states of the U.S. So, for example, after a deed or ...
A broker price opinion, or BPO, is an estimate of a property’s value conducted by a real estate broker, agent or qualified realty firm. ... In most cases, a lender will order a professional ...
Marketable title (real estate) is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer. Marketable title does not assume that absolute absence of defect, but rather a title that a prudent, educated buyer in the reasonable course of business would accept.
Order opening: The closing is ordered by the lender or real estate agent, and the settlement agency contacts all transaction parties to let them know they are handling the closing. A title search is ordered, and a title commitment and closing protection letter (CPL) are issued and sent to the lender.