Title is a legal term referring to the ownership rights and interests in a property, including the right to possess, control, use, and transfer the property. A title is established through a deed or other legal documents and is subject to potential claims or encumbrances, such as liens or easements.
Related Real Estate Terminology
- Deed: A legal document that transfers property ownership from one party to another.
- Lien: A claim against a property as security for a debt, typically requiring repayment before the property can be sold.
- Easement: A right granted to a third party to use a portion of a property for a specific purpose, such as access or utility placement.
- Title Insurance: A policy that protects the buyer and/or lender against financial loss due to defects in the property’s title or outstanding liens.
- Title Search: The process of examining public records to determine a property’s ownership history and identify any potential issues with the title.
- Clear Title: A title that is free of any claims, liens, or other encumbrances, ensuring the property can be transferred without issue.
- Chain of Title: A chronological history of a property’s ownership and transfers, as well as any recorded encumbrances or claims.
References
- Nelson, R., & Whitman, D. J. (2020). Real Estate Transfer, Finance, and Development: Cases and Materials (10th ed.). West Academic.
- U.S. Department of Housing and Urban Development. (n.d.). Shopping for Your Home Loan: Settlement Cost Booklet.
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