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Not so. First American, one of the largest title insurers in the U.S., maintains a list of some 70 possible defects, including: A forged deed. An undisclosed divorce. Undisclosed tax liens. A ...
[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 ...
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.
A chain of title is the sequence of historical transfers of title to a property. It is a valuable tool to identify and document past owners of a property and serves as a property's historical ownership timeline. The "chain" runs from the present owner back to the original owner of the property.
Merchantable title and marketable title are synonymous terms. In the absence of an agreement to the contrary, there is an implied undertaking in the contract that the vendor (person selling the property) has a marketable title. The contract typically provides that on failure of a vendor to deliver good and marketable title, the vendee (buyer ...
Learn: What To Do If You Owe Back Taxes to the IRS “Timing is everything,” said Whitney Sorrell, CPA, tax attorney, former IRS agent and founder of Sorrell Law Firm . “One road brings a big ...
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
Pusaka is a Sanskrit word meaning heirloom. Within Javanese Kejawen culture and other Austronesian cultures affected by it, known as the Malays, but most specifically the inhabitants of modern-day Indonesia and Malaysia (), Balinese, Bataks, Bugis, Manado, Minang, Moro, Pampangan, Tagalog and many others, pusaka specifically refers to family heirlooms inherited from ancestors, which must be ...