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In United States law, evidence of title is typically established through title reports written up by title insurance companies, which show the history of title (property abstract and chain of title) as determined by the recorded public record deeds; [11] the title report will also show applicable encumbrances such as easements, liens, or ...
A mortgage creates a security interest in realty created by a written instrument (traditionally a deed) that either conveys legal title (according to the "title theory of mortgages") or hypothecates title by way of a nonpossessory lien (according to the "lien theory of mortgages") to a lender for the performance under the terms of a mortgage note.
Examples are those getting the property as a gift and heirs. Also, those who purchase ownership interests in the owners of the property, such as shares of stock in a corporation owning the land, have not purchased an interest in the property itself and so are unprotected. Also, recording laws generally do not protect purchasers against real ...
The deed of reconveyance releases the lien the mortgage lender placed on your property. You’ll need this document to prove a clear title when you sell your home.
A foreclosure and a deed in lieu have one main thing in common: In either situation, the lender takes full ownership of a property from a homeowner who hasn’t made their mortgage payments.
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1] A title search is also performed when an owner ...
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.
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.
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