Property Title
The term “property title” is relatively common and often used in the real estate industry, which is why it’s useful to know what it really means. While the term itself is known, it is also confused with “property deed” but they are not interchangeable. So what is a property title?
The definition of property title is the legal right of ownership by an individual or party of a property that is either owned or partially owned. This legal right is not only evidence of ownership and lawful possession, but it also lays down the rights other people have that share ownership of the property in regards to the way the property is used, sold, or modified.
Property title can be about ownership, occupation, or possession, along with the right of possession. The most common types of titles are personal property titles and real property titles, and we’ll look at each of them.
Personal Property Title
The meaning of personal property title is an individual’s right of ownership over things that are not real property. These are movable personal property, and it isn’t generally taxed. Personal property can be corporeal (jewelry, animals, merchandise) or incorporeal (patents, copyrights, stocks, bonds).
Real Property Titles
Unlike personal property, real property, as it refers to cars and real estate, comes with a title that shows ownership. In case the real property is sold, the title is reassigned to the new owner. The real property that is sold must be owned entirely by the seller and not extending to a credit line.
Types of Real Estate Titles
There are several types of real estate titles, some of which might be familiar to you or at least sound familiar even if you’re unaware of what they meant. We’ll take a look at them and explain everything.
- Tenancy in common - When two or more people share a real estate, each holds a “tenants in common” title for their part of the property.
- Tenants by entirety - When a married couple shares a real estate, the real estate title is shared by the two. Upon death, the remaining spouse gets the whole title.
- Joint tenancy - When two or more people share a real estate, each having equal rights over the property.
- Community property - A property purchased during marriage is split between the two spouses, each having the right to sell or transfer their half of the property to another.
- Sole ownership - one individual or business is holding the real property title.
Popular Real Estate Terms
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Reward for investing. The real estate investor must compare the anticipated return for an investment with the associated risk. The return includes: Appreciation (or depreciation) in ...
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
Rights, interest, and benefits inherent in the ownership of real estate, as distinguished from personal property ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
A narrow passageway between buildings providing secondary rear access. ...
Stiff pipe used to cover electrical wiring for safety purposes. ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
If buyers are considering a home with an assumable mortgage at a fair interest rate or if the sellers have already paid their mortgage, remember to consider seller financing. With seller ...
Have a question or comment?
We're here to help.