A title is a legal right to ownership of a property, including the right to sell. … Legal purchase of a house transfers the title to the buyer, so if you do buy a house, the title will be yours along with the deed.
What does title mean in legal terms?
title. n. 1) ownership of real property or personal property, which stands against the right of anyone else to claim the property. In real property, title is evidenced by a deed, judgment of distribution from an estate or other appropriate document recorded in the public records of the county.
What does on title mean?
If the other person is on the title, that person could legally sell his ownership in the home to someone else without your permission. This would make you co-owner of a house with someone you didn’t choose to own a home with.
Is title the same as ownership?
In short, title is a legal term that refers to ownership of something. For example, a job title means your have ownership over your role and specific set of responsibilities. You can also think of the word “entitle,” where you have ownership or control over something. In real estate, that something is property.
What is title in mortgage?
What Is A House Title? A house title is the ownership record of a property. … The title shows who’s owned the property in the past, contains a physical description of the property and shows any liens on it. If you just bought the home, your mortgage will be on the title as a lien.
Can I be on house title but not mortgage?
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
What does it mean when title is complete?
This is when verification of the legal owner is made and the debts owed against the property are determined. Upon completion of the search and examination, a title commitment/ preliminary report is prepared, reviewed and sent out to interested parties.
What is my real estate title date?
Title Date means the date of the title insurance commitment relating to the Property that Purchaser shall obtain during the Due Diligence Period.
What is the difference between title and mortgage?
For starters, it’s important to note the difference between a mortgage and a title. In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. … A title refers to the rights of ownership to the property.
Does the mortgage company hold the title?
Mortgages and deeds of trust both grant the title for your property to your lender until the loan is paid. A mortgage is an agreement made between you and the lender. A mortgage grants ownership of your home to the lender which will transfer the title back to you after the loan is paid.