What does it mean when a title is free and clear?
When an asset or property is owned completely without debt or liens against it, it is called “free and clear.” Free and clear most often refers to outright ownership of real property or real estate.
What happens if seller Cannot get clear title?
What Happens If the Contract Is Breached. Let’s imagine that the seller fails to provide an abstract of title showing clear title to the property. This means that the damages to the party not in breach of contract will be for a set amount of money, which is often the amount of the buyer’s deposit or earnest money.
How do I sell a car to someone making payments?
Complete a bill of sale. After receiving all installment payments for the vehicle, complete the bill of sale located on the back of the vehicle’s title. Fill in the blanks and write “sold as-is” on the document. Make a copy for yourself and present the buyer with the original.
Can you sell property without clear title?
Generally, the law does not require a seller to warrant or clear title before a house sale closes. However, there are other reasons to ask for a clean slate before you sign on the dotted line.
Who signs first buyer or seller?
Once a real estate seller and buyer agree to terms, the seller normally signs a real estate purchase agreement or sales contract. Real estate buyers are generally expected to sign purchase agreements first, though, especially during offer and counteroffer phases.
Is title insurance a ripoff?
While home insurance and car insurance companies can pay upwards of 80 percent of their premium dollars on claims, title insurers only pay around 3 or 4 percent of their premium dollars on claims. …
How can I find out if a car has a clear title?
listed by name on the document.
What does “clean title” on a car mean?
What a ‘Clean Title’ Actually Means The term in itself is misleading. A car with a clean title simply indicates that it has never been deemed a total loss, otherwise known as a salvage car. With a clean title, a car might carry the balance of its new car warranty and has slightly higher resale value.
Can a stolen car have a clean title?
If the vehicle has not been found and recovered within a specific period of time set forth by the auto insurance company, they will disburse payment to the owner within a short period of time. Based on the policy of the insurance company regarding the stolen vehicle’s title, the title could stay CLEAN or converted into a SALVAGE title.
What does it mean to have a clean title?
Clean title is a general term for a legal document showing free-and-clear ownership. This means that any liens or legal claims against the vehicle have been cleared.