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:
“It is the future that creates his present.
All is an interminable chain of longing.”
—Robert Frost (1874–1963)
“By this unprincipled facility of changing the state as often, and as much, and in as many ways as there are floating fancies or fashions, the whole chain and continuity of the commonwealth would be broken. No one generation could link with the other. Men would become little better than the flies of a summer.”
—Edmund Burke (1729–1797)
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—Edgar Allan Poe (1809–1849)
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—Frank Pittman (20th century)
“There is something that Governments care for far more than human life, and that is the security of property, and so it is through property that we shall strike the enemy.... Be militant each in your own way.... I incite this meeting to rebellion.”
—Emmeline Pankhurst (1858–1928)