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In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1]
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties. [49]
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.
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
A home becomes a bank-owned property after the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned or REO homes, REO ...
Economists say the recession ended in mid-2009. Yeah, I know. But the American public has never really bought that line, especially when it comes to the real estate market. In fact, a December ...
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
The foreclosure process is not as simple as the borrower simply failing to pay the monthly mortgage on time and the bank taking ownership of the property. The process varies depending on each ...