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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 ...
A private transfer fee covenant [1] is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property.
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 lessor can do the title transfer paperwork on your behalf, but it may charge you a processing fee. The lease buyout title transfer process is similar to a private- or third-party vehicle purchase.
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 ...
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.