Absolute Title refers to a clear and unequivocal ownership of property, devoid of any liens, judgments, or other encumbrances. It confirms that the titleholder has indisputable legal right to transfer ownership or use the property as they see fit.
A clear title, also known as a marketable title, is one that is free of liens, encumbrances, or other legal questions about the ownership of the property. A clear title ensures that the seller actually owns the property and has the right to sell it, allowing the new owner to enjoy full ownership rights.
A Deed of Release is a document where one who has limited rights to a piece of real estate, such as a mortgagee or lienholder, abandons those rights back to the owner of the property. It often takes the form of a Quitclaim Deed.
Defect in title refers to any issue, recorded instrument, or claim associated with a property that obstructs the grantor's ability to convey a clear and absolute title to a prospective buyer or new owner. Common examples include outstanding liens, unresolved legal claims, or errors in the property deed.
A free and clear title, also known as a clear title, refers to a property that is free of any encumbrances, such as mortgage debt or liens, that could affect the ownership rights of the buyer.
A good and marketable title assures the buyer that the seller has the legal right to transfer ownership and that there are no defects, liens, or other encumbrances on the property.
In real estate, a 'Good Title' refers to the legal concept that a property owner holds legitimate, documented ownership free from any disputes or encumbrances that could invalidate or challenge their property ownership. This assurance ensures a smooth transfer of title during sales or transfers.
A mechanic’s lien is a legal claim against a property as security for unpaid labor and materials supplied for the property's improvement.
A Satisfaction of Mortgage, also known as a Satisfaction Piece, is a document provided by a lender to confirm that a mortgage has been fully repaid by the borrower, thereby releasing the property from the lien of the mortgage.
A document that indicates the current state of the title, detailing easements, covenants, liens, and any defects, but not describing the chain of title. It assures the buyer of clear title to a property.
Title search is an examination of public records to determine the ownership and encumbrances affecting real property. It is an essential step in the purchase of real estate to ensure the buyer receives clear title to the property.
A Waiver of Tax Lien is a document issued by a taxing jurisdiction confirming that it will not file a lien on a particular property, often used during the sale of real estate by an estate to assure a clear title for the buyer.
