Short answer? Old mortgages, tax liens, contractor liens, court judgments, easements, and gaps in who actually owns the place. If it was recorded against the house, or against the people who owned it, a title search can find it. Most of that gets cleaned up before closing. Some of it can’t be cleaned up. It just gets disclosed, and you buy the house with it. That second group is where buyers get surprised. So let’s…
This is information you need to know when conducting a title search during the process of refinancing. We’re going to discuss legal considerations and practical considerations you need to think through when conducting this title search, the steps involved, mistakes to avoid, and the costs. Why a Title Search Matters During Refinancing When you are doing a title search during the process of refinancing, you should consider the reasons for it. Most often it relates…
Unreleased mortgages and open mortgages on a property become a cloud on title when they probably should have been cleared. Over 36% of all fully paid mortgages are unreleased from the title at the time that the statute says they have to be cleared. Why an Unreleased Mortgage Happens The Release Document Requirement If you refinance a mortgage, pay off a mortgage, or even sell a property, the mortgage holder for that loan is supposed…
The most basic way that a living person transfers title to real property is through the instrument called a deed. A deed is very different from a contract. In order to form a traditional enforceable contract, consideration is a requirement, but to transfer real property by deed, there doesn’t have to be a bargained-for exchange. The Deed Is Not a Contract You can gift somebody real property with a deed, there’s no consideration requirement. It’s…
There may appear to be title defects in your legal documents that cause a lot of trouble. Every investment has risk, and you can do everything right and still lose money. What you can be faulted for is not researching thoroughly. A title report reveals detailed information about ownership, including previous owners and any additional liens a property might have. In this blog, we will discuss common title defects in your legal documents. Tax Defects…
You’re about to make the largest purchase of your life, and that process can be overwhelming. This process is exclusive to New Jersey because it does vary state to state. Attorney Review Attorney review is required in every real estate contract in New Jersey; it is written into the contract that there is a three-day period from the time the seller accepts the offer. That three-day period is weekdays; Saturdays, Sundays, and national holidays don’t…
A home purchase is one of the largest investments you can make, so you want to make sure you’re protected. Owner’s title insurance does just that. Do you need title insurance? How much does it cost? Who pays for title insurance? These are the questions that come up most often in New Jersey. What Is Owner’s Title Insurance? Car insurance and home insurance insure you if a tree falls on your car or your house…