Real Estate Contract Breach Attorney NJ

What is clear title and what happens during a title search?

As mentioned earlier, land titles might come with a number of things attached to them, such as liens, rights and restrictions for use, easements, and the like. Having clear title to a piece of property, also referred to as a “clean” title, means that there are no defects on the title that may affect ownership in some way. A lien or other legal issue with the ownership of a home may jeopardize ownership for whoever currently owns the certificate of title. When it comes time to transfer ownership of real estate, the prospective buyer will want to conduct a title search in order to know what the status of the title is and what potential issues there might be before signing the sales contract. If the property had been incorrectly deeded in the past, or if it was deeded to joint owners at one point but the chain of title is unclear or broken in some way, the sellers of that land might need to take steps in order to correct those defects so that they can ensure “free” and “marketable” title as required by New Jersey law. This will be important for obtaining title insurance and funding for the sale, also, as title insurance companies and mortgage lenders will want to ensure clear title before issuing a mortgage or an insurance policy. 

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