New Mexico Response to Notice of Title Defect by Seller to Buyer in Response to Notice
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How to fill out Response To Notice Of Title Defect By Seller To Buyer In Response To Notice?
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FAQ
A quitclaim deed is often used to cure a defect (a "cloud on the title") in the recorded history of a real estate title.
The title and the property cannot be legally transferred until the title defect is resolved. The titleholder must take care of all and any issues. For example, if there are tax liens on the property, the homeowner must pay off outstanding taxes before going through with the sale.
Most states have laws that require sellers to advise buyers of certain defects in the property. If you find problems with your home after you move in, you may be within your rights to take legal action.
The defect or impairment on the title can be in the form of a lien, mortgage, judgment, or other type of encumbrance. Because other parties can lay claim to the property or asset, the title cannot be legally transferred to someone else. Defective titles are also called bad titles.
The term bad title refers to a legal document associated with an asset that doesn't grant ownership to the entity that holds the title. This may be because of legal and/or financial problems, including unsatisfied legal issues or even unpaid financial obligations, or even something as simple as a clerical error.
A title defect may also be referred to as a ?cloud.? These must be resolved before selling the property, and they include some of the following: Errors in the public records. Mechanic's liens. Bankruptcies. Liens for child support.
Examples of clouds on title include a property's address being misspelled in a deed conveying title, a mortgage lien whose repayment hasn't been officially recorded, a deed which has been signed but hasn't been properly recorded, an easement that has not been properly recorded, unpaid property taxes, a failure to ...
