title definition real estate

ADVERSE POSSESSION – The unauthorized occupation of land belonging to another, by a person who does not have the consent of the owner. WAIVER – The voluntary and intentional relinquishment of a known right, claim or privilege. LOAN POLICY – A policy of title insurance issued to the mortgage lender insuring against loss by defects in, liens against, or unmarketability of title. Copyright © 2020, Thomson Reuters. Even though you may have bought a house, and made the mortgage payments, you may not necessarily have a clear title to your property. A part of that process is demonstrating proof of ownership through means of a certificate of title. REALTOR – A copyrighted trade name that can be legally used only by those belonging to the National Association of Realtors. FEE SIMPLE – The highest degree of ownership that a person can have in real estate.
it, which may or may not be learned from reading the deed. Many terms in real estate are universal throughout the nation. For example, the owner could have promised his neighbor that the neighbor will always be able to drive an ox cart across the property. You may wish to consult an attorney or tax advisor to determine the most advantageous form of ownership for your particular situation. It was first recognized in Johnson v. M'Intosh, 21 U.S. (8 Wheat) 543 (1823). HAZARD INSURANCE – Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. To avoid a defective When a sale contract is authorized, an attorney or a title company researches all the recorded records related to a property and prepares a written chronology. Learn more about FindLaw’s newsletters, including our terms of use and privacy policy. They include the following: Sole ownership is when the title is in your name only, even if the property is owned by other people as well.

[8][9] Technical problems with title include misspellings, outstanding debt, unrecorded transactions, and any irregularity that might indicate a break in the chain of ownership. Discover more about absolute titles here. Even though you may have bought a house, and made the mortgage payments, you may not necessarily have a clear title to your property. UNDERWRITER – An insurance company that issues insurance policies either to the public or to another insurer. What Does "Title" Mean In Real Estate? This promise was then written into each deed, every time the house was sold. RECORD TITLE – The aspects of a title that appear in the public records as distinguished from unrecorded title aspects and interests.

METES AND BOUNDS – Describing boundaries by using courses, directions, distances and monuments. EMINENT DOMAIN – The right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value. CONSUMMATION – Consummation is not the same thing as closing or settlement. ", "Answers – The Most Trusted Place for Answering Life's Questions", "Virtual Law Office: Royal Proclamation of 1763", https://en.wikipedia.org/w/index.php?title=Title_(property)&oldid=943127933, Creative Commons Attribution-ShareAlike License, In some U.S. states, water rights are completely separate from land—see, Development rights to erect improvements under various restrictions, Appearance rights, often subjected to local zoning ordinances and deed restrictions, This page was last edited on 29 February 2020, at 00:47.

The certificate is not a guarantee of a free and clear title. LOAN ESTIMATE – A three-page Loan Estimate must be provided to the consumers no later than three business days after they submit a loan application for most mortgages. Take automobile loans, for example.

Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. The first is to perform a title search, which most real estate attorneys would be happy to do for you. In many

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