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A warranty of title is a guarantee by a seller to a buyer that the seller has the right to transfer ownership and no one else has rights to the property. In addition, a warranty of title may be used to guarantee that no other party has copyright, patent or trademark rights in the property being transferred.
What is Meant by the Term 'Full Title Guarantee'? The inclusion of the statement 'the seller sells with full title guarantee' on a contract will give the buyer the benefit of a full range of covenants (or promises) implied by the Law of Property (Miscellaneous Provisions) Act 1994.
The Iowa Legislature created Iowa Title Guaranty to provide guarantees of Iowa real property titles, facilitate mortgage lenders' participation in the secondary market and to help assure the integrity of Iowa's land-title system. Iowa Title Guaranty's profits are re-invested in the state of Iowa.
Why Do You Need Title Insurance? Purchasing lender's title insurance is a mandatory part of the mortgage process. However, it's often a good idea to buy title coverage for yourself as the homeowner. Title insurance can compensate you for damages or legal costs in a variety of situations.
Process Takes Around Two Weeks The title process usually takes about two weeks. However, depending on the property and transaction type, this can vary dramatically. Your real estate agent or escrow/title officer can give you updates on the timetable as the closing progresses.
The actual mortgage lender needs title insurance to protect themselves against a home's defects or potential disputes between buyer and seller that could result in the lender suffering financial loss before the home sales transaction is completed.
Full title guarantee. Full title guarantee implies that: The disposing party has the right to dispose of the property (section 2(1)(a)). The disposing party will do all it reasonably can to give the title it purports to give, at its own cost (section 2(1)(b) and (2)).
Full title guarantee. Full title guarantee implies that: The disposing party has the right to dispose of the property (section 2(1)(a)). The disposing party will do all it reasonably can to give the title it purports to give, at its own cost (section 2(1)(b) and (2)).
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