Chain of Title Problems
What is chain of title?Chain of title is the chain of title ownership to real property from the current owner back until the original owner at whatever time. The Chain of Title will include documents of deeds, judgments of delivery from estates, certificates of death of joint tenant, foreclosures, and judgments of quite titles and many other recorded transfers of a title to real property. Normally a title company is the professional who will look out for the chain of title and give a report so that the buyer will be informed that the title is clear of any previous claims.
How can someone find out there is a broken chain of title?When looking for the title of a real estate property, this process can be very complicated, that is why there are a number of people who are legally specialized in this type of work, and these people are known as abstractors. Abstractors are normally employed by the real estate title agency, and they will look for all the required records and turn in an “abstract of title.” Once the abstract of title is turned it, it will be looked over by a real estate attorney and then give an “opinion of title”. When looking for these records on someone’s own sometimes these individual will not find all the necessary records in order to finish an abstract of title that is why many of individuals hire a real estate abstractor so they are sure all the records that are needed are found.
If the Chain of Title has never continued from the first loan holder can the mortgage company foreclose on the property if they don’t have the title to it?In this case the lender will need to show two things in order to prove that they have a legal right to the debt. The first thing that will need to be shown is a promissory note. A promissory note is a document that says the individual agrees to repay the loan they have received in order to buy their home. The second thing that will need to be shown is the lien on the property. This will give the lender the ability to start the foreclosure if the individual has not been making their mortgage payments. If the mortgage company does not have the title or a lien that is listed on the property, the mortgage company will not have the ability to start a foreclose against the property.
Would it be legal for someone to file a quit claim deed in the state of California for property that is located in Alaska?In this specific case, the individual would not be able to file a quit claim deed for property that is located in Alaska. A Quit claim deed will need to be filed in the county clerk or land records office in the county and state where the property is currently located. The reason for this is because that any transfer is required to be recorded where the property is located so that it is still part of the public record “chain of title” for any other transfer or sale.
If an individual resides in a development of 200 homes that are governed by the Homeowners Association if the covenants agreement is rewritten will a lawyer be required to do the paperwork on the 200 homes or is there an easier way for this to be done?For this to be done, the original deed doesn’t need to be changed. The new Covenant Agreements will just need to be recorded in the county clerk or land records office in the county where the properties are located. They are then listed in the public record and this would show up on any title search under the Chain of Title documents and this would also relate to any new or following owners. When a title search is done for a refinance or sell, it would locate the original Covenant Agreement and then return the Amended Covenants and now how they are majority over the original agreements.
Many individual believe that it is the best way to go to check the chain of title before buying a real estate property. When researching the chain of title, the individual will be able to see the previous owners, and any lien or mortgages that were placed upon the property. For more information when dealing with chain of title contact the Legal Experts online.