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Superior liens will survive the foreclosure and remain an encumbrance on the property.
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A title examination will reveal prior liens, judgments, unpaid taxes, federal tax liens and other items that may adversely affect title. As a result, a lender needs to know if there are other encumbrances on the property that would hinder their ability to re-sell the property upon becoming the owner. If a chain of title reveals a defect in the conveyance of title to the borrower, this could render the deed of trust defective as well.Ī majority of foreclosures result in the lender taking title to the property. While the deed of trust may not be defective on its face, it should be determined if the borrower had a proper ownership interest to convey a deed of trust. The deed of trust should be reviewed for a power of sale clause, and for notice and acceleration requirements. The deed of trust must be properly executed and notarized it must be recorded at the register of deeds of the county or counties where the property is located and it must contain a complete legal description of the property it is securing. If the deed of trust is defective, there may be no right to foreclose. The title examination is to determine if the deed of trust is a valid lien against the property, to identify what parties are required to receive notice of the foreclosure proceedings, and to ensure free and clear title upon completion of the foreclosure process. MAITIN.)Ī title search and examination should be performed at the initial stages of the foreclosure action.
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(PUBLISHED AUGUST 2008 FOR THE NORTH CAROLINA LAND TITLE ASSOCIATION BY LAWRENCE S.
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