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Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
In the United States, all claims of land ownership can be traced back to a land patent, first-title deed, or similar document regarding land previously owned by France, Spain, the United Kingdom, Mexico, the Kingdom of Hawaii, Russia, or Native Americans. Other terms for the certificate that grants such rights include "first-title deed" and ...
The record title holder is not necessarily the actual owner of the land if there are previous unrecorded deeds to it to others. The principal legal theory is that once a person has conveyed the title to his or her property (or some aspect of it) to someone, he or she has nothing left to transfer to any subsequent person.
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 ...
It represents the transfer of ownership from your mortgage lender to you. Over the time you repaid your mortgage, you legally owned the property, but the lender held the mortgage lien , or claim ...
The risk of loss is then transferred to the buyer – if a house on the property burns down after the contract has been signed, but before the deed is conveyed, the buyer will nevertheless have to pay the agreed-upon purchase price for the land unless the seller in possession or deemed in possession has failed to protect it. Such issues can and ...
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