How do you fix a title defect?

To resolve this type of title defect, the settlement agent must contact the lender who held the mortgage lien or title company who conducted the closing (in the case of a refinance), then file the appropriate paperwork with the court.

What does title only mean?

If a borrower is on the loan, he or she must also be on title. Buyers can be on title without being on the loan. We refer to such buyers as “title only” buyers, meaning they will only be on title and not on the loan.

What happens to the title when you sell a house?

What Happens to the Title When You Sell When you sell your property, your title ownership is transferred to the buyer. That party will receive a copy of the new title a few weeks after closing, indicating that they now own the property and you no longer have any claim to it. The title that you hold is now invalid.

How can I get title to my property?

For this part of the process, you can either hire a title company to issue you a title insurance policy (which will ensure there is a clear title to the property) OR you can try to complete the title search yourself.

How can I tell if a property has a clear title?

If the seller still claims to own a clear title to the property, they need to provide the missing documents to prove it (because according to the county’s records, they don’t). 2. Are there any Deed Restrictions on the property?

When do you need a title search for a house?

Essentially the buyer of your house (and the lender financing the transaction) doesn’t want to take on any of your old IOUs that use the property as collateral. Before closing, a title company or real estate lawyer will conduct a title search to check for any of these potential problems.

When to deal with title issues when selling a house?

Some title problems can be resolved simply on the closing day. If there is an unpaid property tax payment, the escrow company will simply make that payment and deduct it from the seller’s sale proceeds. However, in many instances it is better to proactively handle these issues early in your sale.

How can I find out if there are title issues on my property?

If you suspect that there may be title issues (unknown or unresolved liens) on your property, you can do a search of the title yourself. Recorded documents are filed at the county recorder or clerk’s office and are available to the public.

What are some common problems with property titles?

Liens arising from mortgages, tax liens, mechanic liens, and judgments must be paid and released prior to closing or title cannot be transferred. Boundary items are another common problem that can arise when you are purchasing property.

What does it mean to have clear title on property?

It means that you, the owner, have clear title and a right to sell the property, and no knowledge of any unforeseen issues that might come up with the title for the life of the property, not just since the time you owned it. It also says that no one else has rights to own the property.