Search results
Results from the WOW.Com Content Network
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.
Title to {the Goods} shall remain vested in {the Seller} and shall not pass to {the Buyer} until the purchase price for {the Goods} has been paid in full and received by {the Seller}. Until title to {the Goods} passes: {the Seller} shall have authority to retake, sell or otherwise deal with and/or dispose of all or any part of {the Goods};
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.
If the title search uncovers an issue, there can be considerable legal costs. ... If a property doesn’t have a clear title, it’ll be a lot harder to sell or buy the home, or get a mortgage or ...
If a deed type is not specifically mentioned, "marketable title" may be specified, implying a warranty deed should be provided. Lenders will insist on a warranty deed. Any liens or other encumbrances on the title to the real estate should be mentioned up front in the real estate contract, so the presence of these deficiencies would not be a ...
A title search is also performed when an owner wishes to sell mortgage property and the bank requires the owner to insure this transaction. In the case of a prospective purchase, a title search is performed primarily to answer three questions regarding a property on the market: Does the seller have a saleable and marketable interest in the ...
A mortgage lender is an investor that lends money secured by a mortgage on real estate. In today's world, most lenders sell the loans they write on the secondary mortgage market. When they sell the mortgage, they earn revenue called Service Release Premium. Typically, the purpose of the loan is for the borrower to purchase that same real estate.
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.