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Not so. First American, one of the largest title insurers in the U.S., maintains a list of some 70 possible defects, including: A forged deed. An undisclosed divorce. Undisclosed tax liens. A ...
A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction. Typically such a deed will not warrant that the property title is free and clear, and it remains up to the grantee to check that the property is not subject to any legal encumbrances. [11]
The title insurance company issues a report and an insurance policy in support of its findings. However, title searches are most often carried out before contracting is completed between parties, and sometimes during the escrow phase of a closing. There are a variety of title searches which provide the customer with a report, but no insurance.
Clear title is the phrase used to state that the owner of real property owns it free and clear of encumbrances. In a more limited sense, it is used to state that, although the owner does not own clear title, it is nevertheless within the power of the owner to convey clear title. For example, a property may be encumbered by a mortgage. This ...
The quitclaim deed is also sometimes used, although this document is most often used to disclaim any interest in a property rather than selling a property that one owns. A grant deed includes a detailed property description, which helps avoid confusion or disputes regarding the boundaries and characteristics of the property being transferred.
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