Title Search Terminology - HOW TITLE IS HELD

Some common ways that real estate title is held (also know as vesting).



Tenancy in common: 

Two or more people own the property together; they each own a share of the income, expenses and value of the property; each individual can sell, lease or will their own share of the property, and all tenants in common have the right to occupy the property together. Severalty: This is ownership by a single person or corporation. "Sole and separate property" 


 Joint tenancy:

 This type of ownership or “vesting”provides or contains "rights of survivorship" without having to go through probate. This conveys ownership of the deceased person(s) property or “estate”to the surviving owner(s) immediately upon the partner’s death. This is a very common form of vesting for married couples. 


 Community property: 

This pertains to only persons married to each other or "Community property".
This means that title will be conveyed to the surviving spouse if there is no
will and refers to all property and debts acquired during marriage and are
shared equally. In the case of a will, either spouse may convey title to
whomever they wish. In this case, the heir or devisee would become a tenant in
common with the surviving spouse. Married couples can receive and/or inherit
property and still keep it separate property. In this scenario, they may not
co-mingle income from separate property with income from community property.


Tenants by the Entirety:

Allows spouses to own property together as a single legal


Fee simple:

A parties interest in property, real estate and land.  Property and land owned in a fee simple state, is owned entirely and completely without any conditions and/or limitations. This type of said "unlimited" estate is also referred to as "absolute title".  Fee simple is typically created when a vesting deed conveys and transfers the real estate, property or land with no conditions or limitations and is usually using the verbiage "to Jane and John Doe, and heirs".

Under a tenancy by the entirety, creditors of an individual spouse may not attach and sell the
interest of a debtor spouse: only creditors of the couple can attach and sell
the interest in the property owned by tenancy by the entirety.






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Real Estate Title Search Services

Some things to consider when asked to vacate your property during the foreclosure process.

 Are you or someone you know facing foreclosure? Some things you may want to consider if you are in the foreclosure process. In some states, banks are demanding that homeowners vacate their homes, but then fail to transfer title out of the homeowners' names, leaving them liable for damage and homeowners association dues. The Associations then file lawsuits against the homeowners because they can only collect from the legal title owners. If you or someone you know is in a foreclosure process, take the time to find out what the rules are in your state. Before you vacate the property, the title should be transferred out of your name. In many states, including Arizona, homeowners are also liable to reimburse the Association for all the attorney's fees and costs expended to collect from the homeowners, together with interest at the rate outlined in the Declaration of Covenants, Conditions & Restrictions (CC&Rs). The information is out there, you just need to know where to look.
You can find out who is currently on title for a property by contacting your local title company and pull title or also know as a preliminary title search. This can take some time (up to 3-4 days) to see results and cost several hundred dollars unless you have a good contact. You can also go online and use a "Title Search" site for quicker results. Use the title search feature to view current ownership and title. With a good resource you should be able to view current tax liens, judgments, bankruptcies, foreclosure activity and 1st and 2nd mortgages. A reliable Online Property Records or Title Search company will usually have current records as they are linked to the county recorders office and reflect/report information as the county updates their records and images.
Foreclosure has been affecting home ownership throughout the United States since the real estate crash in 2006 and 2007. As new waves of foreclosures continue to occur, we find ourselves having to muddle through the debris. Lien and property records are available for public viewing at the county recorders office in each state.
You can also find out deed information and who is currently on title for a property by contacting your local title company or visiting an online Property Records/Title Search website with faster results. It is possible to view foreclosure activity status of a property and stage of foreclosure a property is currently in: notice of default, pre-foreclosure, auction or REO (bank owned). (In most cases records provide auction location and date, trustee and bank contact information).
Anthony A.






Real Estate Title Search Services

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WHAT IS A PROPERTY LIEN AND HOW TO DO A LIEN SEARCH.

WHAT IS A PROPERTY LIEN? A Property lien is a type of instrument to secure a specific interest related to property or land (also considered an encumbrance). The interest or purpose is usually monetary in nature (such as a loan or mortgage) or in the form of a judgment, mechanic, HOA or tax lien. Liens are either voluntary (mortgage, lines of credit) or involuntary (tax liens, judgment liens, etc.) and are executed or “perfected” by recordation. Liens can be enforced through a foreclosure process. If the liened amounts are paid before the lien is enforced or during a transfer or sale of the property, it is deemed "released." In most states, a judgment cannot be recorded with the county unless the case is handled in, or transferred to superior or a higher court (not Justice or City).



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