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If you need to borrow money to make the purchase the bank will require that the title defect be resolved before it loans purchase money. If you plan to pay cash there is nothing to stop you from purchasing land with a title defect. However, you will encounter problems if and when you try to sell.
Under normal circumstances a proposed buyer's attorney arranges to have the title examined prior to purchase. Any defects disclosed by the title examination must be resolved before the buyer takes ownership. You haven't mentioned the nature of the title defect. Title defects can be extremely costly to correct.
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Purchase return Accounting?
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
Can the previous property owner be held liable for a mistake made by the title agency?
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Can a stop payment be put on check issued by title company after closing?
after closing and recording of property to new owner can a fidelity title company stop payment on a sale on a property. a lein was later discovered on the property after disbursments of sale were made by cashier checks and deposited
What famous document made most of the area along the Mississippi the property of the united states?
What famous document made most of the area along the mississippi the property of the united states?
Does title insurance protect the buyer of a foreclosed proprty from a second mortgage against the home?
A title search or examination will uncover any judgments, mortgages, taxes, assessments, charges, or other liens which may encumber or adversely affect the title of a property. In particular, a historical search or examination will be made of the prior owners of the property. Once the examiner or searcher has completed this process, the title company will compile the information and prepare a Title Commitment that reports on the status of title. The Commitment will list as exceptions or exclusions to title all encumbrances, liens, or other adverse matters that were found. This process is completed before you purchase the property. If these matters are not cleared up or resolved by the end of the closing or settlement, the matters will be excepted from the coverage provided by the title policy, and the policy will not cover any loss caused by or arising from the excepted matters. Unless the title company takes a specific exception in the title policy, the policy will protect you from having a financial loss because of, or arising from matters such as someone else owning your home, a forgery or fraud in the prior title, lack of legal access to the property, or the existence of undisclosed liens such as taxes, mortgages, assessments or charges, as well as many other matters which affect the ownership of the property.
I purchased a property with fiduciary deed and now you want to sell the property will you have a problem?
As long as you had the title to the property examined by a professional there shouldn't be any problem. The attorney who represented you at the closing would have made sure the estate was in order and that the fiduciary had the legal authority to convey the property.
If you paid the delinquent property taxes on another person's property can you own there property?
Paying the delinquent property taxes on someone else's property does not automatically entitle you to ownership of that property. However, some states have provisions for filing a tax lien against the property if the taxes are not repaid within a certain period, which could potentially lead to ownership rights. It is important to consult with a legal professional for guidance in such situations.
Title Insurance: Protecting Your Investment?
Title insurance is very important in any real estate transaction. Most people don't understand the importance until something unexpected shows up. First, what is title insurance? When you purchase a piece of property, the owner is supposed to have the clear right to sell the property. In order to insure this, you need to purchase title insurance. This indemnity policy will compensate you if problems with landownership or the mortgage arise due to problems with the previous owner. Part of a real estate transaction should include a property title search. Someone goes to the courthouse and searches land records to make sure the current owner has a clear title to the property. All land records, mortgages, liens, and other documents are supposed to be in written records in the courthouse. Most searches find no problems. Some searches pull up problems that the current owner can resolve before the sale goes through. Title insurance is there for those cases when searches find no problems, but one actually exists. In order to get the policy, the title insurance company will have its own searches done to make sure there are no problems. They will then issue the policy. What are some of the problems that cause title insurance to come into play? There are multitudes of problems that can cause title problems. These include, but are not limited to the following: unknown heirs, improper recording of legal documents, forged documents, deeds made by minors, divorce property settlements, tax record issues, estate/probate problems, utility easements, criminal property forfeiture, and improper conveyance. If you are buying a home, you need to have title insurance in place. It is the smart thing to do. Most people never have the need to make a claim against the policy. However, when you need it, it will make a great deal of difference. If someone comes forward and makes a claim against your title, the insurance policy will cover the costs of defending against their claim. It will also cover your purchase price if the claimant does have a valid claim against the property. Title insurance does not cover some situations. It will not cover any title problems you knew of before the purchase. It also doesn't cover problems with environmental hazards, zoning violations, or claims from natives. The insurance doesn't cover any problems that arise from your ownership of the property, only that of previous owners.
How does a cell rid itself of defective of malfunctioning organelles?
Much is done by the lysosomes. These catalytic organelles can merge with defective organelles and digest them with enzymes made for that purpose.
Can you transfer your husbands house into your name since you were not on the deed.He did have a will made up in Florida?
If your name is not on the deed, but he had a will that gave you the house, then yes, you can have the title transfered. Assuming the will is not being contested, and assuming there are no liens on the house. Talk to a professional at a title company, or a local attorney. If the property was in your husband's name when he died his estate will need to be probated in order for title to pass to his heirs. Title to real property must pass through probate in order for title to pass legally. You have no power to transfer title on your own.
Are there any defective parts on the ford expedition made by gm such as things involving the fines gm has came into?
are there any defective parts on the 05 ford expedition that gm made for ford
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
