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Title may refer to the actual ownership or to the documentary evidence of that ownership. In order to sell a piece of property, all title matters must be cleared. Title Insurance Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a “mortgagee’s title policy.”.Insurance benefits will be paid only to the “named insured” in the title policy, so it is important that an owner purchase an “owner’s title policy”, if he desires the protection of title insurance. Title to the common areas is in terms of percentages and refers to the entire project less the separately owned units.
Ownership is fee-simple, which means the purchaser has full title and therefore is responsible for all property taxes. Ownership of land includes air rights above the property. Some use of air rights, such as traveling through airspace by airplane no longer require the approval of the property owner.
Payments placed in an osterizer and mixed until all the lumps are gone. Actually, it’s a repayment method by which the same amount is paid each month, but the composition of the interest and principal changes with each payment. Payments under the new mortgage include the payments under the original mortgage and the new mortgagee undertakes the responsibilities as mortgagor under the original mortgage.
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