Legal and Vesting Report is a compilation of segments of Real Estate records providing information on the subject of Property Legal Description, Property Title Vesting, and Property Tax and Assessment data. Legal and Vesting information is not a part of a conventional property profile; this report is content-specific and includes records not found in other property reports.
The logic behind the Legal and Vesting Report: to provide instant online access to legal descriptions and vesting information on practically all Real Estate properties in the United States; to immediately verify property ownership, identify all title holders, and the manner in which a title of ownership is held, locate and identify a particular parcel, ensure the accuracy of mortgage recordings and property-related taxes, and avoid potentially fraudulent Real Estate transactions. To file a non-consensual lien, such as performance of labor (a.k.a. Construction or Mechanics' Lien) against the property, one must have the Legal description of a property to enforce the judicial claim.
Types of Properties: residential, commercial, industrial, agricultural, land, and all other available types of Real Estate Properties.
Contents of Legal and Vesting Report: property ownership, property location information, mailing address, summarized legal description, property vesting names and vesting description, property tax, and assessment information.
Legal and Vesting Data: The property's Legal Description in these reports is deemed to be non-recordable. For recording purposes, use the full legal from the last transfer deed. So, should a full legal description be required for recording purposes, that information can be retrieved from the last deed of trust (specific copies of property sale and transfer documents may also have expanded versions on the legal segment of this data). Note the differences between property Title and Vesting; the title implies the actual ownership of the property, whereas the vesting refers to how owners hold title to the real property.
Property Legal Description: A property description of a specific parcel, recognized by law and acceptable to the courts in that county and state, and which is sufficient to locate and identify the property without oral testimony, and allow an independent surveyor to locate and identify it. Property Legal Description is usually used in government surveys, metes, bounds, or recorded plats.
Vesting: Property owner names, status, and the manner in which a title of ownership is held with a fixed or determinable interest in a particular parcel of real property; also, that portion of a title report or policy setting forth the above.
The most common types of title vesting are:
1. Joint tenancy with right of survivorship (JTWROS). 2. Community property with right of survivorship. 3. Tenancy in common. 4. Sole ownership. 5. Living trust.
Tax and Assessment: Assessed values on the property and the current property tax information. Tax Assessment is the process by which the financial worth of a property is determined.
Please review the sample of a Legal & Vesting Report.
Our Legal and Vesting Report typically contains a limited or narrative legal property description, more commonly referred to as "non-recordable long" or "non-recordable short". Certain copies of Document Images frequently will include more comprehensive property Legal Description. Property reports do not represent the condition of the title and may not include all recorded information. Property records are in the public domain -- government establishments, such as the county recorder, and the local tax assessor's office, are tasked with maintaining them. Not all data may be available in all Counties or on every real property.