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When a property has a clear title, that means the title is free from liens or other claims that could call its ownership into question. If you're buying a home with a mortgage, your lender will ...
A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, covenants, conditions and restrictions(CC&Rs), agreements, resolutions and ordinances that will affect the real property in question.
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.
Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity—often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local ...
Keep your mortgage documents and related home sale records for at least seven years after selling your home. This includes proof of mortgage payoff , the closing statement and receipts for capital ...
Sales of new U.S. single-family homes dropped to the lowest level in nearly two years in October, likely as a rise in mortgage rates drove buyers to the sidelines and hurricane… People 2 months ago
Private showings or general open house for interested buyers or buyers' real estate agents. Interested buyers may get pre-approval for a mortgage of a certain amount from a bank, if they cannot afford the full purchase price in the range they are exploring. Preparation of a written offer to purchase.
First-time buyers may find that they need to pay for mortgage insurance, which covers the risk associated with financing their loan, if they put down less than 20 percent on their home. In the ...