Two or more people may own a property together as joint tenants in common (JTIC). In this type of ownership, each person owns a specific share of the property. For example, if two people own a property as JTIC, each person would own 50% of the property. If one of the owners dies, their share … Read more
A perfect title is a legal term used to describe a property title that is free from any defects, encumbrances, or clouds. In order for a title to be considered perfect, it must be clean and clear of any claims or potential claims. This means that there are no outstanding liens or mortgages against the … Read more
An abstract of title is a summary of the ownership history of a piece of real estate. It includes a list of all of the recorded transfers of ownership for that property, as well as any easements, encumbrances, or other legal restrictions on the property. An abstract of title is typically prepared by a title … Read more
An escrow agent is a person who holds money or property in trust for another person, according to the terms of an agreement between them. The escrow agent is responsible for safeguarding the funds and property, and for ensuring that they are used or transferred as agreed. The term “escrow agent” is often used in … Read more
When a homeowner fails to make their mortgage payments, the lender may begin the foreclosure process. This is a legal process that allows the lender to take back the property and sell it in order to recoup the money that is owed on the mortgage. The foreclosure process can be lengthy and complicated, and it … Read more
