A Chain of Title refers to the sequential historical record of documentations pertaining to the ownership and encumbrances of a specific property, tracked back to the earliest available records or original grant.
An easement by prescription is a type of easement that is acquired through continuous and open use of another's property for a specific duration, as defined by state law, without the property owner's permission.
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 merchantable title, also known as a marketable title, is a legal concept indicating that a property title is free from significant encumbrances or defects, providing clear ownership and the right to transfer the property.
A preliminary title report is a report issued by a title company before a real estate transaction, stating a willingness to insure the title upon closing. It identifies any encumbrances, liens, or legal impediments on the property.
Restrictions are limitations placed upon the use of property, typically contained in the deed, other written instruments in the chain of title, or in local ordinances pertaining to land use.
A Title Abstract, or Abstract of Title, is a comprehensive summary of the history of a piece of real estate. It includes a chronological record of all historical transactions, liens, easements, encumbrances, and other activities affecting ownership rights.
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 Warranty Deed is a legal document that ensures that the seller (grantor) of a property has a clear and marketable title to transfer to the buyer (grantee) and guarantees to defend the buyer against any claims to the property.
