Owner's Title Defect,
How the owner’s title defect prevents the sale purchase of the property
If the piece of land needs to be sold off by the owner it is important that there is no recorded encumbrance associated with the property. The encumbrances could be any kind of lien, mortgage or judgement that is pending. This is because there is always a possibility that the other parties may lay a claim on the particular property in question there is no way one can sell the property legally to someone else. for an instance if you are the home owner and if t all there is any kind of lien that outstanding in regards to the property you cannot sell the property to anyone else. it is your responsibility to clear any kind of lien before you can make any transactions in relation to the property.
Such a property that has the encumbrances associated with it cannot be sold and the title associated with it is considered non-transferrable. It is the responsibility of the title holder to take care of all the liens, mortgages etc before entering into a deed with someone in regards to the property.
This is an important instrument to protect the buyer from the frauds in land dealings that can make their purchase a heavy burden on their heads. The owner’s title defect can land the buyer into a lot of problem and therefore it must always be checked that the land or the property that is in question has all its dues cleared and has an ownership that is transparent and true.
Owner's Title Defect, 8.7 out of 10 based on 3 ratings