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Consequently,
the buying and selling of real estate concerns the parties
with questions not necessary to consider in the sale of items
such as a car, appliances, stocks and bonds, etc.
In real estate, for example, one must know whether the
former owner is married, single, or divorced, if any liens
exist and if the taxes have been paid, as well as many other
factors.
At
the time of the sale of the property we need to know:
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Who
is the owner of the property?
-
What
liens and encumbrances affect the property?
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What are the limitations on the use of the property?
The public records or documents are the principal source for ascertaining this information. The law prescribed recordation (the filing for record) as the chief way in which notice of ownership is given to others. Everyone is presumed to be notified of all that has been recorded. Therefore, a search or examination of public records is necessary to determine ownership and the condition of that ownership.
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