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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Cloud on Title


Synonyms:claim on title, roadblock
Filed Under: financial-banking, real-estate
Tags: banking, realty
 

Definition of cloud on title

cloud on title
1. A claim on or against the title to a property that could decrease the ability to transfer ownership of the property to a buyer.

Related Terms and Acronyms:

  • clear title   Title not burdened by liens or legal questions.
  • deed (D)   A document that provides title to property and is filed with a country recorder.
      ➥  Used to transfer ownership of assets, often land or automobiles.
  • examination of title   A review of public records and title abstracts to determine the chain of ownership of a property.
  • fee simple   Outright ownership of real estate, free of any liens or other claims against title.
  • fee simple defeasible   When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
  • lien   A legal hold or claim of a creditor on the property of another.
  • tax lien   A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
  • title   Evidence of a person's right to possession ownership of a property.
  • title insurance   Insurance that covers title defects and ownership challenges on a property.
  • title report   A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."

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