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)
“It is the future that creates his present.
All is an interminable chain of longing.”
—Robert Frost (1874–1963)
“It is impossible to strive for the heroic life. The title of hero is bestowed by the survivors upon the fallen, who themselves know nothing of heroism.”
—Johan Huizinga (1872–1945)
“The real American type can never be a ballet dancer. The legs are too long, the body too supple and the spirit too free for this school of affected grace and toe walking.”
—Isadora Duncan (1878–1927)
“The charming landscape which I saw this morning is indubitably made up of some twenty or thirty farms. Miller owns this field, Locke that, and Manning the woodland beyond. But none of them owns the landscape. There is property in the horizon which no man has but he whose eye can integrate all parts, that is, the poet. This is the best part of these men’s farms, yet to this their warranty-deeds give no title.”
—Ralph Waldo Emerson (1803–1882)