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Why Is My Neighbor Talking About Adverse Possession?

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Adverse possession is the taking of title to real estate by possessing it for a certain period of time.  Title means ownership of real estate.  The person claiming title to real estate by adverse possession must have actual possession of it that is open, notorious, exclusive, and adverse to the claims of other persons to the title.  By its’ very nature, a claim of adverse possession is hostile to the claims of other persons.  It cannot be hidden but must be open and notorious in order to put other persons on notice as to one’s claim for possession of the real estate.

A claim to title by adverse possession often must be made under color of title.  Color of title means a claim to title by way of a fact, which, although on its’ face appears to support a person’s claim to title, is in some way defective and falls short of actually establishing title to the real estate.  An example of a claim made under color of title would be a deed whose execution was defective or is in question.  Another example is a claim arising from another person’s Last Will and Testament.  Yet another common example is where two or more persons have received separate deeds to the same parcel of real estate.  For More Information Please Click Here

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What Happens If I Have A Judgment Lien On A Property?

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A judgment is a final decree, decision, order, or other ruling by a court determining the rights and obligations of the parties to a lawsuit. A lien is a claim, interest, or right to property or a portion of it for payment of a debt or liability. A judgment lien is a lien arising from a judgment, which gives the holder of the judgment the right to levy upon or seize the property of another to pay off or satisfy the judgment subject to rights of exemption or redemption belonging to the judgment debtor.

In many cases a lien on property must be removed before the sale of the property may commence. Otherwise, at the time of the sale of property, the judgment lien will be paid out before the home owner receives any funds.

Levy or seizure of property pursuant to a judgment lien usually is done through a writ of execution issued to a sheriff or constable directing him/her to seize a property and sell it, usually through public sale.

In most states, a judgment becomes a lien upon real estate located in the county where the judgment was entered when registered in the county where the real estate is located. It becomes a lien on real estate located in other counties or districts when registered in the county where the real estate is located. Typically, the lien lasts ten (10) years from the date of entry of the judgment. The judgment may be renewed by petitioning the court. 

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What Does It Mean When A Property Has A Mortgage On It?

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A mortgage is an instrument giving an interest in real estate from one person, the "mortgagor," to another person, the "mortgagee," to secure a debt or liability. Depending upon the laws of the particular state, a mortgage may create a lien or it may actually transfer title to the mortgagee who holds it in trust pending payment of the debt or obligation.

In the sale of a property, the mortgagee (lender) will have any debts they are holding be paid first before any proceeds of the sale go to the mortgagor, who is usually the home owner. To make sure this transaction goes smoothly and all parties to the transaction are paid, an escrow agent will handle the funds for the buyer to make sure all debts, liens, and obligations of the property are paid before the seller receives their funds and the title of the property is transferred.

Mortgages may contain various clauses specifying the rights and obligations of the parties. The parties may agree upon the terms as they wish so long as those terms do not violate state law. The mortgage must be in writing and must be signed. At the very minimum, the mortgage must contain the names and addresses of the parties and of the person who prepared it, a description of the real estate subject to the mortgage, the amount of the debt secured by the mortgage, and the due date. Additional provisions often seen in mortgages include: representations and warranties, provisions for payment of taxes, maintaining insurance on the real estate, specification when default occurs, acceleration clauses, foreclosure, redemption, attorney’s fees, and due-on sale clauses.  Please see specific state for details and/or differences.

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