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
Also called investment property. Real property held by a business for investment potential or in order to earn income by leasing or letting it, rather than for its own use. ...
An interim or provisional court decree, which is not final and can be reversed or amended, normally issued to direct additional proceedings prior to issuing a final decree. For example, an ...
Tax term describing current and necessary business expenses. Ordinary and necessary business expenses do not include long-term capital losses. For example, the XYZ stationary store deducts ...
Individuals who are legally entitled to inherit money and property when someone dies. ...
Payment made by the tenant to the landlord for the right to use property, such as an apartment or office. ...
Method of valuing a property through examination and comparison of recent sales of comparable properties. ...
Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank. ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
The annuity factor definition is the use of a financial method that shows the value, present or future, of an amount when it is multiplied by a periodic amount. The calculation of an ...
Have a question or comment?
We're here to help.