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A title with a lienholder refers to a bank or lender who holds the car's title. If you buy a car with a car loan, the lender holds the car title until you pay off the loan.
In real estate, clear title and clean title are used interchangeably to refer to a home title that is free of liens or other issues. Yes, it’s possible to buy a home without clear title, but it ...
For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
In order to release the lien upon full payment, the lender sends a notarized release or other complementary document to the individual. When a car is sold from one owner to another, the title must be transferred to the new owner. This is achieved by requesting approval by the state DMV. When the vehicle title is lost, the owner on record may ...
Federal tax lien: The IRS can place a lien on your property due to failure to pay your federal taxes. This lien can cover your personal property as well as other real estate assets, any vehicles ...
[2] [3] The registered owner of a property in question is normally presumed, sometimes conclusively, to be the legal owner of the property and is said to “hold the title” or is “registered on the title”. Ownership of property usually implies a right of possession, as opposed to the party that has right of property.
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.
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