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Title is a legal term for an owner’s interest in a piece of property. It may also refer to a formal document that serves as evidence of ownership or the history of ownership and documentation that affects the title during the period of ownership. Lenders perform title searches on a property for purchase transactions and
The difference between the current market value of a property and the total amount of outstanding liens against the property.
Any lien that may that affects the title or ownership of a property, such as existing loans, easements, past due taxes, mechanics liens or restrictions.
The meeting between the seller and buyer when the property legally changes hands. The loan agreement is signed or finalized, legal documents to secure the asset or home are signed, legal documents to secure the mortgage are signed and the funds involved are transferred.
The process of verifying property ownership and checking all the records relating to the title to see that it doesn’t have any liens or claims against it that would keep it from being transferred.
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