An Abstract of Title is a condensed history of the legal ownership of a piece of land, including all conveyances, transfers, grants, wills, judicial proceedings, encumbrances, and liens, as well as evidence of satisfaction and other facts affecting the title.
A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
A Charges Register or Register of Charges is a formal record of all charges (encumbrances or liens) that a company has granted over its assets, often required by law to be maintained. It includes details of secured loans and other financial obligations which creditors have claims to.
An encumbrance is any right to, interest in, or legal liability upon real property that doesn't prohibit passing title to the land but diminishes its value. Encumbrances include easements, licenses, leases, timber privileges, homestead privileges, mortgages, and judgment liens.
In property law, a title is considered 'free and clear' if it is not encumbered by any liens or restrictions. This indicates that the property is unencumbered and conveys a good or marketable title.
A federal tax lien for nonpayment of taxes has priority over most other liens but is not valid against specific lien holders until properly recorded. Certain superpriorities may have precedence over a tax lien.
A title defect is an unresolved claim or issue against the ownership of property that prevents the presentation of a marketable title. Such claims may arise from various issues including failure of the owner's spouse or former part owner to sign a deed, current liens against the property, or interruptions in the title records of a property.
A title report provides a detailed depiction of the current state of a property title, including easements, covenants, liens, and any other defects. It does not, however, describe the chain of title.
A title search is an investigation of documents in the public record office to determine the state of a title, including all liens, encumbrances, mortgages, future interests, and so on, affecting the property; it is the means by which a chain of title is ascertained.
