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
Financial standing of a debtor as a basis to pay obligations. ...
A testator/testatrix who donates real property. ...
People often ask themselves, what does interim mean? By definition, interim means a break or pause in a particular activity. As an adjective, interim means a temporary, provisional, or ...
Hallow masonry wall consisting of an inner and outer wall with dead air space between them. The air space provides increased thermal insulation. Cavity walls are not used in northern ...
Loan guaranty program included in the Servicemen's Readjustment Act of 1944. Its provisions cover the compensation to lenders for losses they might sustain in providing financing to ...
Document issued by a governmental agency permitting the recipient to do something. An example is a building permit to construct a structure. ...
The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...
The abstract of judgment definition is best explained as a written summary of the judgment passed by a court. This abstract of judgment includes the amount of money the losing party of a ...
As a hopeful house hunter, renter, or seasoned real estate investor, you've probably come across baffling terms. One such term is "adhesion contract." It might sound complex, but don't ...
Have a question or comment?
We're here to help.