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Settelment
Settelment/ Transfer of Ownership
Term | Definition |
---|---|
Tax Issues | Home mortgage interest is granted an itemized deduction. Licensee should not make representation of tax advice. Special assessment are not tax deductible. |
Capital Improvements | Aimed at extending life of structures by adding, replacing, or substantially improving building. |
Title Search | Inspecting the chain of recorded instruments. Ownership and Encumbrance. |
Evidence of Title | Collecting a group of facts resulting from recording of instruments. |
Constructive Notice | Public notice, results from recording an instrument. Recorded chronologically. |
Actual Notice | Notice given to a person when he actually sees an instrument in possession, or notices an incroachment on property. |
Chain of Title | The chronological succession of all recorded conveyances that lead to the present title being held. |
Encumbrance | Leins,mortgages, taxes, leases, easement, attached to property that may become a burden that may deminish value. |
Marketable Title | Free from any cloud or defects. |
Unmarketable Title | Not necessarily non- transferable. May have certain defects that must be cleared. |
Title Abstract | A summary of all recorded and conveyances affecting title. |