Clear title is a term used in real estate law to refer to a property title that is free of any liens, claims, or encumbrances that could potentially affect the ownership of the property. It means that the property is solely owned by the person or entity listed on the title and there ar...
In residential mortgages, a defeasance clause provides a clear path for borrowers to gain fullproperty ownershiponce the loan terms are fulfilled. Unlike commercial applications, residential defeasance focuses solely on transferring the title rather than substituting collateral. This process is commonly foun...
A warranty deed ensures clear title to the property. That means the owner (grantor) is ensuring there are no undisclosed interests (shares) or defects in the title. A grant deed is similar to a warranty deed in that the grantor (seller) affirms that there are no outstanding liens or ...
Learn what encumbrances are in real estate, their types, and why encumbrances may not necessarily be a bad thing for buyers, sellers or owners.
A real estate lawyer can help prepare and review documents for your home sale, including the contract and title.
A real estate agent can be an invaluable resource as you navigate the homebuying journey. They are there every step of the way to help you get the best deal. Learn what to expect from your real estate agent and how to work well with one. What is a real estate agent? A real ...
Certificate of occupancy:If you are buying a newly constructed house, you need this legal document to move in. Ask for a copy of the title policy and survey, as well. Purchase agreement:This is a binding contract that spells out the terms of a real estate transaction. Signing it finalizes...
The real estate lawyer’s key responsibilities include: Drafting and Reviewing Contracts – Preparing and analyzing purchase agreements, lease contracts, and deeds to ensure clear and fair terms Conducting Title Searches – Verifying that the seller has a legal right to transfer the property and check...
If the title is encumbered rather thanclear, it might mean that others can claim ownership of the property. For instance, creditors may claim ownership of property because of a loan that hasn't been repaid. In the case of real property such as a house, there may be outstanding liens, bac...
Confirming that ownership is appropriately vested in the seller of the home. Identifying any unpaid loans, liens, litigation or other claims against the property and working to clear them. Arranging for title insurance. Negotiating as well as reviewing the real estate contract to determine how money...