RE44R05: Understanding Title and Title Concerns

A Description of Title and Title Concerns
  1. Types of Titles
    1. Registered / Land Court
    2. Non-Registered
  2. What is a "Cloud on Title"?
    1. Any document, claim, unreleased lien or encumbrance that may impair the title to a property.
  3. Discovery
    1. Title Search
  4. Types of Clouds
    1. Contract for Deed
    2. Recorded Option
    3. Recorded Mortgage
    4. Lis Pendens
    5. Incomplete legal description
    6. Heir(s) with prior claim
    7. Lessee with Option to Purchase
    8. Tax Lien
      1. Municipal Lien Certificate
      2. IRS Lien
      3. Mass. Dept. of Revenue
    9. Bankruptcy
    10. Divorce
    11. Foreclosure
    12. Condemnation
    13. Adverse Possession
    14. Homestead
    15. Zoning and Building Code Violations
      1. Misidentification of property / land
      2. Improvements without permits
    16. Estoppel
    17. Mechanics Lien
  5. Title Insurance
    1. Lender - Loan Title Insurance
      1. Required
      2. Up to amount of loan
      3. Standard and Extended Coverage
    2. Owners Title Insurance Policy
      1. Optional
      2. Up to amount of purchase price
      3. Standard and Extended Coverage
    3. Attorney - Professional
      1. Liability Insurance
      2. Malpractice Insurance
  6. Remedies
    1. Quiet Title
    2. Quitclaim Deed

Suggested References:

The Language of Real Estate - 5th Edition by John W. Reilly

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