My First Title Talk

  Legal Description and Its Importance in a Title Search of Real Property Real property is one of the most valuable assets that people own. However, when purchasing or selling real property, there are numerous legal requirements that must be satisfied, and one of these is the need for a clear and marketable title. To obtain this, a title search is usually conducted, and an essential aspect of a title search is the legal description of the property. What is Legal Description? A legal description is a precise way to identify and describe a piece of real estate. It includes information such as the property's boundaries, its exact location, and any encumbrances or restrictions that affect the property. A legal description can be found on the property's deed, survey, or other official records. The legal description is essential in a title search because it allows the title examiner to identify the specific property being sold and to ensure that there are no defects in the ti...

       TITLE VESTING AND TYPES OF VESTING WITH IT’S SIGNFICANCE   Title vesting refers to the ownership of a property and the rights associated with that ownership. It determines who has the right to transfer ownership of a property, receive the profits from the sale of a property, and make decisions about how the property is used and managed. Understanding title vesting is important for anyone involved in real estate transactions, as it can affect the transfer of ownership, decision-making, and distribution of profits from the sale of a property. There are several types of title vesting, including sole ownership, joint tenancy, and tenancy in common, community property, and corporation. In this article, we will explore each type of title vesting in detail to help you understand the differences and determine which type of title vesting is best for you. Sole Ownership Sole ownership is the simplest form of title vesting. In this type of vesting, the propert...

         The Chain of Title: A Guide to Understanding Ownership in Real Estate                        Transactions When buying or selling real estate, it's important to understand the chain of title and how it affects the transaction. The chain of title refers to the chronological record of all transfers of ownership for a particular piece of property. It includes all deeds, mortgages, and other relevant legal documents that have been recorded over time. In this article, we'll provide a comprehensive guide to the chain of title and its importance in real estate transactions. We'll cover the following topics: What is the chain of title? Why is the chain of title important in real estate transactions? How to review the chain of title Issues that can arise with the chain of title How to resolve chain of title issues   What is the Chain of Title? The chain of title is a record of...

  Real Estate Property Taxes and the Title Search Process: A Comprehensive Guide When buying or selling a property, it's important to understand the various expenses and responsibilities that come with ownership. One of the most significant of these is real estate property taxes, which are levied by the government to fund various public services and infrastructure. In this article, we'll provide a comprehensive overview of real estate property taxes and how they relate to the title search process. We'll cover the following topics:   What are real estate property taxes? How are real estate property taxes calculated? Who is responsible for paying real estate property taxes? The title search process and its relationship to real estate property taxes Tips for managing real estate property taxes What are Real Estate Property Taxes?   Real estate property taxes are taxes levied by the government on real property, including land and any buildings or structure...

  Real Estate Property Taxes How does state and local property taxes work? A. Jurisdictions in all 50 states and the District of Columbia impose property taxes. Most property tax revenue comes from local levies (county, municipal, township, school district, and special district) on land and improvements to it, but some states also tax personal property (such as machinery, equipment, and motor vehicles). HOW MUCH REVENUE DO STATE AND LOCAL GOVERNMENTS RAISE FROM PROPERTY TAXES? While property taxes are a significant source of local government revenue, they are a very small revenue source for most states (table 1). State governments levied property taxes in 36 states in 2017, collecting $16 billion in revenue, or 1 percent of their own-source general revenue. (Own-source revenue excludes intergovernmental transfers.) Meanwhile, local governments collected $509 billion from property taxes in 2017, or nearly half of their own-source general revenue. Property taxes are the large...

  Defective Titles or Title Defects What is a Defective Title? The phrase to have “valid title” to property means that a person has the exclusive legal right to own and use a piece of property. For a title to be valid, that title must be free of defects. If a title is defective, a seller of the property may be required to “clear title,” or remedy title defects, before the seller completes the sale of their property to a buyer. What Kinds of Title Defects Exist? The following types of title defects exist: A superior claim to ownership by another person or entity: A creditor, which is someone to whom an owner owes a money judgment, may have a superior claim to someone seeking to purchase a piece of property. A creditor protects their interest in the property by filing what is known as a lien in the county land recording office. A would-be seller of the property must pay off, or satisfy, this lien before the buyer can purchase the property. A mistake in the description o...