Primary Residential Mortgage, Inc.
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Getting your title of ownership means a lot, especially for those who have been paying their mortgage for the past 15 to 30 years. There are a several classes of title and is crucial to know everything about each title if in case you apply to register a transfer of ownership.
Most properties are registered with the class of title and is considered to be the highest form of ownership. Absolute title is approved by the Registrar together with the Lessor’s title. Most homeowners who are located in different states such as Texas would want to see the absolute title’s official copies when buying a property. However, if any defect in the title is found, the registrar may not grant the absolute title. This would only be disregarded as long as the defect will not cause any issue from the ownership under the title.
A homeowner can be given a qualified title of the title has only been registered for a limited period or if there are any existing reservations for the property that cannot be disregarded. Qualified title may be given to the owner if a transaction was found within the title upon its first registration. If in case a breach of trust was made within the title, the owner would still take ownership to the interests of the beneficiaries who are under the trust.
Possessory title is usually given when there are no title deeds to prove ownership or if the deeds have been destroyed. The registrar grants to applicant who is in the position of the property or is in receipt of profit coming from rents and there is no other class title that can be granted. Possessory titles are usually given to homeowners who claim under Squatters Rights or Adverse Possession.
The registrar grants homeowners who do not hold a Freehold Title with a restricted title which is a Good Leasehold. This usually happens if the applicant fails to submit any evidence of the freehold title when applying to register or chance his leasehold title. Most lenders or any those that will lend, usually does not accept good leasehold titles. They may, however, put it into consideration if the homeowner can provide indemnity insurance, which will be taken out once the loan has been completed.
These are just some of the things that you need to consider if in case you’re about to get your title. Getting your title of ownership is a great feeling. But as any other homeowner, especially those that are located in El Paso, should all be aware of each title of ownership mean. This will help you avoid any issues in the long run.<< Back to the list.