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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 ...
You might think you'd know if you have a lien on your property. But liens can often go undetected until a crucial time -- like when you're getting ready to sell your house. That's why it's ...
Homeowners association (HOA) lien: In most jurisdictions, your HOA can place a lien on your house if you do not pay your HOA fees. Mechanic’s lien: Contractors can place a lien on your home if ...
Heirs will want to know what liens they are taking on and who has rights to the land. Subdividing. To create a subdivision, a person takes land previously platted (legally named and recorded) under another name and renames and re-plats it as a new development or subdivision. A report must be given to the city, showing taxes and liens paid.
Under lien theory. a mortgage acts to place a lien on the mortgaged property in favor of the mortgagee, and legal title is retained by the mortgagor. Judicial foreclosure is most often necessary as a remedy to default pursuant to mortgages within lien theory jurisdictions, and this process has been found to be cumbersome, time-consuming and costly.
A cloud on title may reduce the value and marketability of property because any prospective buyer aware of the cloud will know that they are buying the risk the grantor may not be able to convey good title. Often, the discovery of a cloud on title will provide the grantee a reason to back out of a contract for the sale of real property.
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