County governments record that house and property real estate belong to someone {title} {deed to property}. Loan companies hold deeds until people pay off loans. Land ownership means having marketable certificate of ownership to land. Marketable title has value, which can have a guarantee {title insurance} that title has no legal defects and that requires company to go to court to defend title against unfounded claims. Real-estate transfers require title insurance. Title has a clear succession of landowners.
Before title transfer, people check official land records {title search} to find previous title owners, transactions involving the land, and unpaid taxes, to establish marketable title and to obtain needed releases. Independent abstract companies make title searches and write abstracts or digests of property histories. Title searches state opinion on title marketability, with releases and other legal proceedings.
Previous or apparent real property owners can relinquish all interest in property {release of property} {property release}.
Recording property history {abstract, title} {title abstract} ensures property ownership, location, and nature.
Title searches check past property ownership, to ensure that seller has full title {clear title} to land and house.
full ownership {fee simple}|.
Seller or owner can abandon rights to real property {quitclaim deed}.
States can give title {trust deed} {deed of trust} to trustee, who has no interest in the land or in either party. Trustee holds title for lender's benefit and forecloses if default.
Deeds {warranty deed} can say seller will defend title against other claims.
7-Legal Affairs-Property-Housing-Buying
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Date Modified: 2022.0225