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.
Read more about this topic: Chain Of Title
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)
“How have I been able to live so long outside Nature without identifying myself with it? Everything lives, moves, everything corresponds; the magnetic rays, emanating either from myself or from others, cross the limitless chain of created things unimpeded; it is a transparent network that covers the world, and its slender threads communicate themselves by degrees to the planets and stars. Captive now upon earth, I commune with the chorus of the stars who share in my joys and sorrows.”
—Gérard De Nerval (1808–1855)
“Eternity is not ours by right; and, alone, unrequited sufferings here, form no title thereto.”
—Herman Melville (1819–1891)
“But even suppose blood should flow. Is there not a sort of blood shed when the conscience is wounded? Through this wound a man’s real manhood and immortality flow out, and he bleeds to an everlasting death. I see this blood flowing now.”
—Henry David Thoreau (1817–1862)
“If property had simply pleasures, we could stand it; but its duties make it unbearable. In the interest of the rich we must get rid of it.”
—Oscar Wilde (1854–1900)