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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 ...
A property’s title is the term used to describe the rights of the owner. It isn’t a document, like the deed, but instead “refers to the concept of ownership rights,” says Megan Hernandez ...
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.
When you sell your home, the reconveyance deed is evidence that the property has a clear title, meaning it’s free from any outstanding mortgages or other liens or claims. Without the ...
With other kinds of property, the first buyer would be the owner of the property, and later owners would have no interest in the property and would instead have a cause of action against the original seller for fraud. With real property, however, the first buyer is not necessarily the owner, depending on the kind of statute under which the ...
Title service cost(s), paid by either party according to the contract but by default seller may pay the majority, for title search, title insurance, and possibly other title services. In some cases the attorney may do the title search or the title service and attorney fees may be combined.
The title of a property refers to the legal rights the owner holds to the property. When purchasing a home, it’s crucial to ensure the property has a clear title and is free from liens or other ...
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 ...