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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.
What does title research mean?
In this context, the word title means legal ownership, and title research is the investigation of legal records to discover who is the legal owner of some specific property.
What does property liber means?
Property liber, often referred to in legal contexts, pertains to the concept of property rights and ownership. It emphasizes the notion that individuals have the right to control, use, and transfer their property without undue interference. The term is rooted in principles of freedom and autonomy within property law, highlighting the importance of protecting individual ownership rights in legal frameworks.
What is the definition of enurement and how does it impact property ownership?
Enurement is the legal concept where certain rights or obligations become attached to a property and continue to apply even when the property changes ownership. This means that any agreements, restrictions, or benefits associated with the property will still be in effect for the new owner. Enurement can impact property ownership by limiting what the new owner can do with the property or by ensuring that certain benefits or obligations are maintained.
What is free title means?
"Free title" typically refers to the ownership of property without any liens, encumbrances, or legal claims against it. This means that the title is clear and unchallenged, allowing the owner to sell, transfer, or utilize the property without legal complications. In real estate, having a free title is essential for ensuring a smooth transaction and clear ownership rights.
What does title in hand mean?
Having a title in hand means that the seller physically possesses the legal document that shows ownership of a vehicle or property. It indicates that the seller is legally able to transfer ownership to a buyer.
What does it mean to have an interest in property?
That means you own a right in the property or have an ownership of the property in part or in whole.
What is to posses something?
To possess something means to own or have control over it. Possession typically implies having physical custody or legal ownership of an object or property.
What does it mean to hold paper on a house?
To "hold paper" on a house means to hold a mortgage or loan on the property. Essentially, it refers to the legal ownership of the property by the lender until the borrower pays off the loan.
What does it mean when your ex spouse is divested of all rights to your property?
When your ex-spouse is divested of all rights to your property, it means that they no longer have any legal claims or ownership rights to the assets or property that belong to you. This typically occurs through a legal process such as a divorce settlement or court order, where the rights of the ex-spouse are legally terminated.
What does vest title mean?
Vest means to confer full title to real property. "Title" to real property means legal and absolute ownership. When a person dies owning real property their estate must be probated whether they die with a will or without a will. That is because title to real property, if not transferred by a deed from the owner, must be transferred by a court order. The court decree that allows the probate of an estate vests title to the real estate in the heirs. If the estate is never probated the heirs never gain legal ownership of the property and the result is a cloud on the title.
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.
