PROBATE – A legal procedure in which the validity and probity of a document, such as a will, is proven. Sometimes if a certain piece of land has been in one's family for generations, the owner might be forgotten.  In exchange for insurance premiums, the title insurance company conducts a title search through public records and provides assurance of good title, reimbursing the insured if a dispute over the title arises. REISSUE RATE – When referring to title insurance, the reissue rate is the reduced rate for an Owner’s Policy of title insurance issued on a property that was previously insured within some period of years.
A certificate of title provides documentary evidence of the right of ownership mainly for real estate.
Consummation occurs when the consumer becomes contractually obligated to the creditor on the loan, not, for example, when the consumer becomes contractually obligated to a seller on a real estate transaction.
CONTRACT – Same as “agreement,” but usually more formal. from estates, certificates of death of a joint tenant, foreclosures, judgments When issued for real property—such as land or a house—by a title insurance company, the certificate of title is a statement of opinion on the status of the title, based on a thorough examination of specified public records. There may be unrecorded encumbrances and liens, incorrectly recorded information, or fraudulent activity that are simply unknown. BROKER – One who acts as an agent for another in negotiating sales or purchases in return for a fee or commission. The certificate of title, therefore, is a statement of opinion that a title company or attorney believes the property is owned free and clear—based on researching available public records. In some cases, a title can also serve as a permanent legal record of condemnation of property, such as in the case of an automobile junk or salvage title.
(2) A geographically filed assemblage of title information which is to help in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches, and copies or take-offs of the public records. Title Insurance Insured statement of the condition of title or ownership of real property. That right, sometimes called Indian Title and good against all but the sovereign, could be terminated only by sovereign act. In addition to the payment of principal, a promissory note usually provides for the payment of interest. Real Estate Glossary Many terms in real estate are universal throughout the nation.
PRELIMINARY TITLE REPORT – A report prepared prior to issuing a title insurance policy that shows the ownership of a specific parcel of land.
Google Chrome, Certificates of title are often used in real estate and vehicle transactions. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. The deeds should be recorded in the Assessor's office or in the courthouse in order for them to be fully binding.
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The resulting merger of the legal and equitable gives rise to "perfect title," often referred to as marketable title. INGRESS – The right or permission to enter; also the means or place of entry such as a right-of-way across adjoining land.
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. This would allow you to write a contingency into your home purchase agreement that states that if the current owner cannot prove that they have clear title, then you can back out of the agreement at no additional cost. Performing a title search where most defects will be found, so you know what you're getting into. A lis pendens notice is legal notice to the world that a lawsuit is pending. We recommend using (2) Any material irregularity in the execution or effect of an instrument in the chain of title. LOAN POLICY – A policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title. Visit our professional site », Created byÂ FindLaw's team of legal writers and editors California prevented aliens (mainly Asians) from holding title to land until the law was declared unconstitutional in 1952. In several counties and municipalities in the US a standard title search (generally accompanied by title insurance) is required under the law as a part of ownership transfer. Before purchasing property, the purchaser will usually hire a title companies HAZARD INSURANCE – Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. In these cases, someone may come back and take a claim on the ownership interest.
In the United States Indian title is the subservient title held by Native Americans in the United States to the land they customarily claimed and occupied. CONDITIONS – This refers to provisions in deeds and other real estate instruments that make a particular right contingent upon the occurrence of some future event. It very early became accepted doctrine in this Court that although fee title to lands occupied by Indians when the colonists arrived became vested in the sovereign – first the discovering European nation and later the original states and the United States – a right of occupancy in the Indian tribes was nevertheless recognized.
", "Answers – The Most Trusted Place for Answering Life's Questions", "Virtual Law Office: Royal Proclamation of 1763", https://en.wikipedia.org/w/index.php?title=Title_(property)&oldid=943127933, Creative Commons Attribution-ShareAlike License, In some U.S. states, water rights are completely separate from land—see, Development rights to erect improvements under various restrictions, Appearance rights, often subjected to local zoning ordinances and deed restrictions, This page was last edited on 29 February 2020, at 00:47. The Home Closing 101 Real Estate Glossary provides simple definitions for some of the most common terms you can expect to hear during the closing process.
This public paper trail allows parties to protect their interests against any third-party claims. EARNEST MONEY – Down payment or a small part of the purchase price made by a purchaser as evidence of good faith. 1800 M Street, NW, Suite 300S • Washington, D.C. 20036-5828 • P. 202.296.3671 • F. 202.223.5843 • www.alta.org • firstname.lastname@example.org, The FAQs of Title Insurance for Homeowners, 7 Reasons Why Every Homebuyer Needs Owner’s Title Insurance, Why 20% of Homeowners May Not Sleep Tonight.
Also known as a merchantable title. LEASE – An agreement granting the use or occupancy of land during a specified period in exchange for rent. ATTORNEY’S OPINION – The written statement of an attorney setting forth what he believes to be the condition of a real estate title.
These are issued by a designated state agency to identify the owner of the vehicle in question.
The Closing Disclosure details all of the costs associated with their mortgage transaction. The buyer often adds liability insurance and extended coverage for personal property. The usual method of extinguishing Indian title was by treaty. Each owner may sell or encumber his respective interest or dispose of it by will, and if he dies without leaving a will, his heirs inherit his undivided interest. HEIR – A person who inherits or who is entitled to inherit real estate by provisions of law or under the provisions of a will. BASIC RATE – When referring to title insurance, the basic rate is the rate charged to a consumer who does not qualify for a reduced rate. EASEMENT – A right held by a person to enjoy or make limited use of another’s real property. DEFECT – A blemish, imperfection or deficiency. (See also Abstract and Examination.). | Last updated February 10, 2020.
They include the following: Sole ownership is when the title is in your name only, even if the property is owned by other people as well. For such items, possession is the simplest indication of title, unless the circumstances give rise to suspicion about the possessor's ownership of the item. According to the Statute of Frauds, this should be a written document. This means you have the legal rights to use the property how you wish, and since you have the title can access and modify the land as you see appropriate. Two or more persons may possess one real estate title through a joint possession of property. (3) A strip of land over which facilities such as highways, railroads, or power lines are built. LIS PENDENS – A pending lawsuit. This means you have the legal rights to use the property how you wish, and since you have the title can access and modify the land as you see appropriate. A title can represent ownership of a real asset such as a car or an intangible property or assets such as a trademark. For all involved parties to have an accurate assessment of ownership, public record-keeping is necessary as it provides legal and public notice regarding an entity’s interest in a specific piece of property. WAIVER – The voluntary and intentional relinquishment of a known right, claim or privilege.
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