What does clear title mean?
When looking at a piece of property, you will want to know if the owner has any legal claims on the property. The owner’s title should state that they are the sole owner of the property free and clear from any other claims or liabilities. If the buyer can’t verify the clear title, it’s wise to either delay purchasing the property or hire an attorney to do a title search.
What does clear title mean in the real estate transaction?
When you want to transfer ownership of your home to another person, a clear title helps to ensure that the current owner doesn’t have any other claims to the property. A clear title only shows that the current owner has the right to the property. It doesn’t show what the previous owner may have owed or owed to someone else.
What does clear title mean in the real estate industry?
If you are buying property, clear title means that you have a deed that legally belongs only to you. It means that the previous owners have no claim on the property, including any liens that were placed against the property. If you find out that there is an outstanding mortgage on the property or any other type of lien, you can contact the lien holder and negotiate with them to have the deed transferred to you.
What does clear title mean in real estate?
When a buyer, lender, or another party in the transaction is looking at the property records, they will want to see that the seller only has one interest in the property. They don’t want the seller to have any other claim on the property. So in order to properly clear the title, the seller will execute a deed transfer deed of trust or deed of real estate. Once the deed is recorded, the buyer, mortgage lender, or any other party looking at the property records will be
What does it mean when a title is clear?
A clear title is one in which the deed of transfer clearly conveys the property to the new owner and contains no exceptions or restrictions. Typically, a clear title is a result of a standard title search that checks the property's history for any issues that may affect your ownership.
