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[19] Under title theory, a mortgage has the effect of a deed passing legal title, though conditionally, of the mortgaged property to the mortgagee (the lender in a loan agreement being secured by the mortgage), with so-called "equitable title" (which is really equity of redemption) being retained by the mortgagor (the borrower in the loan). The ...
A deed that is outside the chain of title is called a wild deed. The general rule is that a subsequent purchaser is not held to have constructive notice of a wild deed. In the example, Cooper's title is unprotected against subsequent good faith purchasers. Suppose Atwood were to fraudulently sell the same property to another person, Dunn.
A good title consists of the combination of these three (possession, right of possession, and right of property) in the same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations. Otherwise, title to property would always be uncertain.
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 ...
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 ...
Continue reading → The post Deed of Trust vs. Mortgage: Key Differences appeared first on SmartAsset Blog. Understanding key terms and requirements can become confusing.
Therefore, it behooves purchasers and mortgage lenders to record their deeds or mortgages, respectively, to prevent this outcome. 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.
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.
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