Fix Title Settlement For Free

Often, title defects surrounding recording or clerical errors are cured by submitting corrective or supportive documentation containing accurate information. Once the correct information is recorded, the encumbrance can then be released to render the title free and clear.

A defective title is ownership of property or assets that cannot be legally transferred due to claims by someone else. While the seller has an obligation to present marketable title to real property, the buyer is also responsible for examining any title defects and giving notice of any defect to the seller.

When title defects are discovered, the title agent initiates a remediation process to resolve the defect and render the title clear and free. While some types of clouds on title are corrected quickly (such as errors in public records), others may require more research, time, and even court proceedings to rectify.

Escrow holdback agreements ? also called repair escrow agreements ? exist when a seller cannot complete repairs or alterations on a home before the scheduled closing date. Rather than pushing back the closing, the buyer, seller, and lender agree to an escrow holdback.

A holdback is the retention of a portion of the purchase price until the occurrence of some event or the expiration of a period of time; an escrow is akin to a holdback, except that the retained amount is placed in escrow with a third-party agent.

A title search in New Jersey usually takes about between three and five days. However, the amount of time can vary greatly depending on the situation. Here is some background information to help explain this process and give you an idea of what to expect.

Many title issues can be resolved by filing one of three common documents: A quit claim deed removes an heir and clears up title among co-owners or spouses. A release of lien/judgment removes a paid mortgage or spousal or child support lien. A deed of reconveyance records payment of a mortgage under a deed of trust.