A title is a legal document proving ownership of a piece of property.
If you are buying real estate you authorize a title search, or examination of property records, to insure that the seller holds the title and has the right to transfer it.
In most cases, if you're taking a mortgage to buy the property, the lender will require you to arrange title insurance to protect its interest until the full amount of the loan has been repaid. You may also arrange for your own title insurance to protect you from losing your property if your ownership is successfully contested.
- Browse Related Terms: Closing Costs, Closing Statement, Deed, Escrow, Good faith estimate, Real Estate Settlement Procedures Act (RESPA), Refund, Satisfaction of mortgage, Settlement (or Closing) Costs, Settlement agent, Title, Title Insurance, Title Search
The right to ownership in real estate, which is transferred by a deed. Evidence of ownership in real estate.
- Browse Related Terms: Buyer's agent, Closing or Settlement, Closing Statement or Settlement Statement, Deed, For Sale By Owner (FSBO), Listing Broker, Recording Fees, Supervised Loans, Title, Title Insurance, Title Search, Waiver
the documented evidence that a person or organization has ownership of real property.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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