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
An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. For example, the teaser rate may be offered at 2% below market. A borrower who cannot qualify ...
Relationship between individuals or entities out of which exists a mutual interest. An example is a privity of contract among the contracting parties concerning the actions each are to take. ...
“What is Situs?”, you ask.Situs is a word in Latin that basically means the site or location where something exists or originates. Like most words in latin, situs is usually ...
Association of the owners of all condominium units in a building that is concerned with managing day-to-day matters in the building complex, including the surrounding and enforcing ...
A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In contrast, a maintenance or repair expense ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
People say, in real estate, there's a lot more than meets the eye. If you're connected to the housing market in any way, you've probably heard the term "implicit cost." It sounds fancy, but ...
Loan having the last payment either (1) more than twice the amount of any other payment, or (2) a payment arising from the lenders call provision. The term loan (or straight loan) is a form ...
Have a question or comment?
We're here to help.