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Careful buyers will be unwilling to purchase land subject to a lis pendens or will only purchase the land at a discount, prudent lenders will not lend money against the security of the land, and title insurance companies will not insure the title to such land. Title is taken subject to the outcome of the lawsuit. Because so much real property ...
The vast majority of states in the United States employ a system of recording legal instruments (otherwise known as deeds registration) that affect the title of real estate as the exclusive means for publicly documenting land titles and interests. The record title system differs significantly from land registration systems, such as the Torrens ...
For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in 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 ...
An earnest money deposit from the buyer(s) customarily accompanies an offer to buy real estate and the deposit is held by a third party, like a title company, attorney or sometimes the seller. The amount, a small fraction of the total price, is listed in the contract, with the remainder of the cost to be paid at the closing.
(The Center Square) – There just aren’t a lot of homes for sale in Wisconsin, and that is keeping prices high. The latest report from the Wisconsin Realtors Association shows November was ...