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Can a purchase be made on a property with defective title?
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.
How does title insurance affect the seller who had no title insurance?
A seller with no title insurance:If a person has offered their property for sale and accepted an offer to purchase generally the intelligent buyer's attorney will have the title to the property examined by a professional title examiner. If the title exam reveals a defect in the title and the seller was not covered by a title insurance policy then the seller must pay to have the defect resolved. Title defects can be very costly to resolve.Generally, if the seller chooses not to have the defect resolved the buyer can back out of the sale and get their deposit back. However, the seller has been put on notice regarding the defect.The new owner's title insurance:The new title insurance does NOT affect the seller in any way. Coverage is given only to the new owner under the Owner's Policy. If the seller cannot clear the defects and the buyer still wants to purchase the property, the issuing Title Agency has the option of insuring the title, but excepting the defects from coverage to the new owner. Thereby, the risk is assumed by the buyer, not by the Title Agency.
Can property in the state of Texas be sold without a clear title?
Not real property such as a house or acreage. There is a process where a persson can sell a vehicle if the title is missing but not if there is a lien against said vehicle. If the issue involves liens or judgments they generally have to be "satisfied", which usually means paid in full before a sale is allowed.
Where do I Find legal forms for quiet title complaint in Florida?
Generally, a quiet title action is not a fill-in form. A quiet title action is commenced by the filing of a complaint. The complaint must be drafted by an attorney who specializes in real estate law, or at the very least, by someone with a background in the relevant law who knows how to draft a complaint. The complaint must describe the title defect, explain where in the title the defect or cloud arose and convince the court that the plaintiff should be confirmed as the rightful owner. That information must be supported by a title examination performed by a professional. The complaint must be served on the opposing party.
Do you have to pay for a quiet title action if a title defect has been disclosed and you acquired your property by a warranty deed?
This is a complicated area of law. You may need to bear the costs if the person who sold the property to you is no longer available and depending on the nature of the title defect.A title problem can exist even if you acquired your property by a warranty deed. The only way to know if you have good title is to have the title examined by a professional at the time of purchase whether you acquire by a warranty or quitclaim deed. If the title examination discloses a title problem that problem is resolved by the seller prior to the closing. A buyer cannot rely simply on a warranty deed for confirmation that the title is clear of any defects.Sometimes a defect is found when that buyer later sells the property and a title problem is disclosed by thatbuyer's title examination. The problem resolved prior to the closing. You may be able to seek your costs from another party if you acquired by a warranty deed and they are still available. However, title defects are often found years later when your seller has died or has moved on. In that case, you must bear the costs of resolving the title defect unless you purchased an owner's title insurance policy at the time you purchased the property.The best investment when purchasing a home is the professional title examination and an owner's policy.
What is the proper wording to correct a cloud on title with a Quitclaim Deed?
A cloud on a title is not corrected simply by "proper wording" in a quitclaim deed.A cloud on a real estate title is some defect or potential defect in the owner's title. It arises from some claim against the owner's interest such as a lien, an easement, a court decree or very often a missing interest from some former owner who died.A cloud on the title, also called a title defect, can prevent the sale of a property until the defect is resolved. Many title defects can be resolved by recording missing documentation. For example:A missing heir can sometimes be found and will agree to execute a deed that conveys their missing interest.A probate can be filed for someone who died owning an interest in the property.A corrective deed can be recorded to correct an error in the description in an earlier deed in the chain of title if that former owner is still available.A discharge can be recorded for an old undischarged mortgage.An old tax taking can be redeemed by paying the outstanding tax bill.Some clouds can be addressed quite easily and with little expense. Others can be quite costly to solve if they can be solved. In cases where it's not possible to record corrective documentation, a cloud on the title must be removed by a judicial order.Representation by a knowledgeable attorney, a comprehensive title examination by a professional and an owner's title insurance policy from a conservative, reputable company can protect a property owner against any clouds arising after acquisition.
What would be used to clear a defect from the title records?
A title defect, also called a cloud on the title, can prevent the sale of a property. Many title defects can be resolved by recording missing documentation. For example:A missing heir can sometimes be found and will agree to execute a deed that conveys their missing interest.A probate can be filed for someone who died owning an interest in the property.A corrective deed can be recorded to correct an error in the description in an earlier deed in the chain of title if that former owner is still available.A discharge can be recorded for an old undischarged mortgage.An old tax taking can be redeemed by paying the outstanding tax bill.In cases where it's not possible to record corrective documentation, a cloud on the title must be removed by a judicial order.
What is the difference between Defect and Defective?
A defective product has a defect: "My phone is defective" "What defect does it have?" "The defect is that the screen is broken" To defect can also mean to switch sides e.g. from an army or a political party
How do you overcome the building defect?
Depends, what defect?
Does a platypus have a growth defect?
No. The platypus does not have a growth defect.
Is a phobia a health defect?
it is a mental health defect.
Can the software be defect free?
no it cant be defect abundantly
