A Certificate of Title is an authoritative opinion rendered by an attorney regarding the status of a property's title based on public records. It ensures the property's title is clear of public record claims.
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.
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 'Cloud on the Title' refers to an outstanding claim, lien, or encumbrance that can potentially impair or affect the owner's title to a property. Resolving this issue is crucial for attaining a clear, marketable title when buying or selling real estate.
Evidence of title refers to the legal documents that demonstrate ownership rights to a property. These documents are essential in confirming and asserting a person's or entity's legal property ownership.
A good and marketable title refers to a title free from significant defects, claims, or liens, ensuring the property can be freely transferred without legal complications.
Title insurance is a protective policy that assures the transfer of clear title in real estate transactions. It protects against potential disputes over ownership and ensures that both lenders and buyers have security over any claims that might arise after the property transfer.
A Title Opinion is a professional judgment provided by an attorney or a title company attorney concerning the validity of an owner’s rights to a property, following a comprehensive title search.
A Title Plant is an organized database containing comprehensive information on land parcels and improved real estate properties, maintained by title insurance companies to facilitate the process of title searches and ensure accurate title documentation.
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.
The Torrens System is a land registration system that provides conclusive evidence of land ownership and simplifies the process of verifying property title status, eliminating the need for comprehensive title searches.
Transaction costs are the expenses incurred during the process of buying and selling real estate, ranging from legal fees to broker commissions, and various other charges ensuring the successful transfer of property.
