What does use clear title mean?

If you have a mortgage, you likely have the deed of trust or mortgage on your property. A lender or other party that holds the deed of trust or mortgage can place conditions on it, such as a requirement to pay the remaining balance of the loan in full if you sell your property or allow a refinance to occur.

What does use a clear title mean in legal terms?

The use of clear title means that you have the legal ownership of whatever is described in the deed If the deed says that you own a certain piece of property, you have clear title to that property. If someone else claims they own that property, you have clear title.

What does clear title mean in real estate?

When you’re buying a piece of property in the real estate market, you’ll usually take title through a warranty deed. A warranty deed grants the buyer legal ownership of the property. The title exam will examine the deed and make sure it hasn’t been transferred fraudulently. The county clerk’s office will confirm the seller actually owns the property.

What does use a clear title mean in property?

When a seller uses clear title, they transfer clear ownership of the property to the buyer. This means the previous owner can't file a lawsuit against the buyer or their descendants claiming the property is still theirs.

What do you use clear title mean?

A clear title is a deed of trust that states that the property is free and clear of all liens and other claims, a deed of trust is essentially a mortgage. A lender will issue a mortgage on your property to finance the purchase of it, but if you fail to pay back your loan, they can take your house and put it up for sale. The deed of trust gives the bank the right to take over the property until you pay off your debt.