Chain of Title For Real Property
Real estate is one field where the chain of title has considerable significance. Various registration systems, such as the Torrens title system, have been developed to track the ownership of individual pieces of real property. In real estate transactions in the United States, insurance companies issue title insurance based upon the chain of title to the property when it is transferred. Title insurance companies sometimes maintain private title plants that track real estate titles in addition to the official records. In other cases, the chain of title is established by an abstract of title, sometimes, although not always, certified by an attorney. In the United States, some holders of mortgage debt may be unable to establish chain of title, despite the fact that clear chain of title can be required by the mortgage holder before foreclosure can proceed. Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity--often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local governments. US states have objected and even sued over this practice.
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Famous quotes containing the words chain of, chain, title, real and/or property:
“To avoid tripping on the chain of the past, you have to pick it up and wind it about you.”
—Mason Cooley (b. 1927)
“The name of the town isn’t important. It’s the one that’s just twenty-eight minutes from the big city. Twenty-three if you catch the morning express. It’s on a river and it’s got houses and stores and churches. And a main street. Nothing fancy like Broadway or Market, just plain Broadway. Drug, dry good, shoes. Those horrible little chain stores that breed like rabbits.”
—Joseph L. Mankiewicz (1909–1993)
“Men don’t and can’t live by exchanging articles, but by producing them. They don’t live by trade, but by work. Give up that foolish and vain title of Trades Unions; and take that of Labourers’ Unions.”
—John Ruskin (1819–1900)
“When much intercourse with a friend has supplied us with a standard of excellence, and has increased our respect for the resources of God who thus sends a real person to outgo our ideal; when he has, moreover, become an object of thought, and, whilst his character retains all its unconscious effect, is converted in the mind into solid and sweet wisdom,—it is a sign to us that his office is closing, and he is commonly withdrawn from our sight in a short time.”
—Ralph Waldo Emerson (1803–1882)
“No man is by nature the property of another. The defendant is, therefore, by nature free.”
—Samuel Johnson (1709–1784)