Board Topic: proof of ownership free and clear
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proof of ownership free and clear

Posted by: chris Sep 7 2004, 11:37 PM
could anybody tell me what document can be used to show that a piece of property that I have owned for years is free and clear?

Posted by: loanuniverse Sep 8 2004, 07:50 AM
Chris:

There is no document that you can provide that would document. Both buyers and lenders protect themselves by performing a title search, which is a review of the property’s title records to make sure that the seller is the actual legal owner of the property, and that there are no liens or other claims outstanding.

This type of due diligence is done by a third party that using the results of the check issues a ”title policy” that protects either the new owner or the lender against claims on the title.

I guess you could produce a copy of your title policy so that the person interested in buying or the prospective lender can use that as a starting point for its search, but they should do their own investigations.

Good luck
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