Title clearance services.

CFR · 2024-01-01 · US · Title 7

(a) (b) [Reserved] (c) (d) (1) The legal description and all owners of the real property; (2) Whether there are any exceptions affecting the property and advise the approval official and borrower of the nature and effect of outstanding interests or exceptions, prior sales of part of the property, judgments, or interests to assist in determining which exceptions must be corrected in order for the borrowers to obtain good and marketable title of record in accordance with prevailing title examination standards, and for the agency to obtain a valid lien of the required priority; (3) Whether there are outstanding Federal, State, or local tax claims (including taxes which under State law may become a lien superior to a previously attaching mortgage lien) or homeowner's association assessment liens; (4) Whether outstanding judgments of record, bankruptcy, insolvency, divorce, or probate proceedings involving (5) If a water right is to be included in the security for the loan, and if so, the full legal description of the water right; (6) In addition to paragraph (d)(2) of this section, if wetlands easements or other conservation easements have been placed on the property; (7) What measures are required for preparing, obtaining, or approving curative material, conveyances, and security instruments, and (8) That sufficient copies of these interests and exceptions are provided as requested by the approval official. (e) (f) [Reserved]

official document · source cfr-2024 · id 7:§ 1927.55