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Can tranfure of ownership on property take place if a judgment is filed on the owner of the property being sold?
Generally, yes, a person can sell property to whomever wants to buy it, and it often the only way to pay off a judgment against them.
Even a lis pendens attached to the property itself does not prevent the owner from selling it, as long as the buyer is willing to take the purchase subject to the results of the pending lawsuit.
What else can I help you with?
What does it mean to be on the deed but not the mortgage, and how does this impact ownership and financial responsibility for a property?
Being on the deed but not the mortgage means you have ownership rights to the property but are not responsible for the mortgage payments. This arrangement can impact ownership by giving you legal rights to the property, but you are not financially responsible for the loan. However, if the mortgage is not paid, the lender can still foreclose on the property, affecting your ownership interest.
Is there a tax on the ownership of land or buildings?
In most areas there is at least one and, legally it isn't on the ownership exactly, but a tax the property itself pays...it is due from the property not the owner...but the owner pays it to keep the property from being taken because it owes taxes.
Does being a co-buyer entitle you to any rights?
You have full and equal right of ownership on the property purchased.
Should it be property vested in or property vested to?
It should be "property vested in," as "vested in" indicates ownership or control being placed in something or someone, while "vested to" is not grammatically correct.
What happens if you were incarcerated before receiving a deed on property you bought and cannot secure the property in pa?
Your lawyer must bring the papers to you to sign. Being in jail normally does not affect property ownership.
What is an abeyance?
An abeyance is an act of expectancy or temporary suppression.
What does notional freehold mean?
Notional freehold refers to a concept in property ownership where a leasehold property is treated as if it were freehold for certain legal or financial considerations. This means that the owner has the rights and benefits similar to freehold ownership, despite the property being technically under a lease. It is often used in contexts like shared ownership schemes or certain housing developments to simplify transactions and clarify ownership rights. However, the underlying leasehold terms still apply, and the actual ownership remains with the freeholder.
What are the limits for the gift of equity when transferring property ownership?
The limits for the gift of equity when transferring property ownership depend on the lender's guidelines and the amount of equity being gifted. It is important to consult with a real estate professional or lender to understand the specific limits in your situation.
What is a seisin Claus?
A seisin clause is a provision typically found in property conveyance documents that indicates the grantor’s ownership and right to possess the property being transferred. It asserts that the grantor has "seisin," meaning they hold the property in possession and have legal title to it, ensuring the buyer that the property is free from disputes over ownership. This clause is important in real estate transactions as it provides assurance and legal protection to the buyer regarding their new ownership rights.
What is business ownership?
Ownership is the status of having the right to at least some incidents and benefits of a legally-cognized and legally-recognized property interest, which need not be possessory rights.
Can a judgment affect sale of house?
Yes, a judgment can affect the sale of a house. If a property owner has a judgment against them, it may result in a lien being placed on the property, making it difficult to sell until the judgment is resolved. Potential buyers may be deterred by the encumbrance or may require the seller to clear the judgment before completing the sale. Additionally, unresolved judgments can impact the seller's creditworthiness and ability to obtain financing for the sale.
What is the difference between a lien and a judgment?
A judgment for the most part, is a monetary award. It can be collected in various ways, garnishment of wages and/or bank accounts, is an example. It can, however take the form of a lien. A lien is applied to real property, such as a house. The property cannot be sold, borrowed against or ownership transferred until the debt that created the lien is paid in full. The lien holder can, in some cases force the sale of the property to satisfy the debt. This depends on how the property is titled, Tenants In Common, Joint Tenancy, etc.. A property that is titled Tenancy by the Entirety cannot be sold or have a lien enforced against it, unless there are joint debtors. Both will stay on your CR until they are paid and the SOL expires.
