Get a Title Search whenever you research a property to purchase from anything other than a traditional sale. When you buy at any county tax deed or foreclosure auction, the county explicitly tells you there is no guarantee of a clear title. Foreclosure auctions are particularly nasty as there are often clouds on the title, like liens and judgments. With our easy-to-use and read title searches, there will be no confusion about what might be clouding the title and lets you check the title in a cost-effective way right from your property page.
Title: A title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed.
Deed: A Deed is any legal instrument in writing which passes, affirms, or confirms an interest right. It is commonly associated with transferring title to a property. Basically, a piece of paper that someone legally says who owns the property and is then filed with the county.
Encumbrance: A claim against, limitation on, or liability against real estate, held by someone other than the fee owner of the property that affects the title to the property, and therefore the property value.
Lien: A legal claim on a tract of real estate granting the holder a specified amount of money upon the sale of the property. Such liens are often used to ensure the payment of a debt, with the property acting as collateral against the amount owed. A mortgage is the best example of a property lien. Other kinds of liens are Mechanics, Home Owner Associations, Condo Associations, and Utility.
Lis Pendens: A pending legal action or a formal notice of one. Typically, a lien holder's initial step is notifying the homeowner they intend to start the foreclosure process./p>
Final Judgement: The written decision of the lawsuit that the judge determines. Typically, in foreclosures, this is when the amount of the foreclosure suit is awarded to the lienholder, typically a principal balance and legal fees.
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