{"id":1749,"date":"2022-08-26T21:55:43","date_gmt":"2022-08-26T21:55:43","guid":{"rendered":"https:\/\/staging.housekeyrei.com\/?p=1749"},"modified":"2023-10-30T19:26:03","modified_gmt":"2023-10-30T19:26:03","slug":"what-is-a-title","status":"publish","type":"post","link":"https:\/\/staging.housekeyrei.com\/?p=1749","title":{"rendered":"What is a Title?"},"content":{"rendered":"<p>A title proves legal ownership of a tangible asset like a home or car. Unlike a deed or a vehicle title, a property title is conceptual and isn\u2019t a physical document, although the deed conveys it. A property title includes a series of benefits, known as a <em>\u201cbundle of rights,\u201d<\/em> often included in a properly drafted deed.<\/p>\n<p><strong>As a homeowner with a valid deed, your bundle of rights includes:<\/strong><\/p>\n<ul>\n<li><strong>The right of control<\/strong>: Your ability to use the property legally.<\/li>\n<li><strong>The right of disposition<\/strong>: Your right to permanently or temporarily transfer ownership of the property as long there are no loans, liens, or other encumbrances.<\/li>\n<li><strong>The right of enjoyment<\/strong>: Your right to enjoy the property in any lawful manner. (This is distinct from the right of control.)<\/li>\n<li><strong>The right of exclusion<\/strong>: Your right to choose who is allowed on the property.<\/li>\n<li><strong>The right of possession<\/strong>: Your legal right to claim property ownership.<\/li>\n<\/ul>\n<p>A single individual or multiple individuals\/entities, such as a married couple or a corporation, can possess title to a property. It must be clear to transfer a property from the grantor to the grantee. A clear title is free of undisputed claims of ownership, which means it doesn\u2019t have debts, liens, back taxes, or other creditor claims.<\/p>\n<h4><strong>TIP<\/strong><\/h4>\n<p>To protect yourself against these risks, you should purchase title insurance and perform a title search if you consider buying a property.<\/p>\n<h3><strong>Deed vs Title: What\u2019s the Difference?<\/strong><\/h3>\n<p>A deed is a legal document used to confirm or convey the ownership rights to a property. A deed or property deed must be a physical document signed by both the buyer and the grantor or seller.<\/p>\n<p>Title, however, is the legal way of saying you have property ownership. The title (or property title) is not a document, but a concept that says you have the right to use that property.<\/p>\n<h3><strong>Title Insurance<\/strong><\/h3>\n<p>Title insurance protects grantees from any hidden or unknown defects. The grantee purchases it for a one-time cost before the property sale.<\/p>\n<p>Unlike other insurance policies that protect against future events, insurance offers protection against past events that blemished the real estate title.<\/p>\n<p><strong>Many potential issues can make a title \u201ccloudy,\u201d including the following:<\/strong><\/p>\n<ul>\n<li>Ownership or disputed ownership by another party<\/li>\n<li>Judgments against the property, like lawsuits or mechanic\u2019s liens<\/li>\n<li>Forgery and fraud<\/li>\n<li>Unresolved building code violations<\/li>\n<li>Back taxes<\/li>\n<\/ul>\n<p>In addition to the standard form of insurance the buyer purchases, sellers can buy an owner\u2019s policy for extra coverage.<\/p>\n<p>The seller of the property purchases an owner\u2019s insurance policy as another layer of protection against potential problems or if someone attempts to sue the property owner, stating they have a claim to ownership.<\/p>\n<p>Lender\u2019s title insurance essentially protects\u00a0the lender\u2019s interest in your property, which is typically until your mortgage is paid off.<\/p>\n<h3><strong>Title Search<\/strong><\/h3>\n<p>Title insurance covers the cost of a deep title search performed by a real estate attorney or title company. Experts carefully examine all public records and legal documents during this search to identify potential title defects, claims, and disputes.<\/p>\n<p>If a search identifies any problems, the grantor is responsible for resolving the issues before the sale occurs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A title proves legal ownership of a tangible asset like a home or car. Unlike a deed or a vehicle title, a property title is conceptual and isn\u2019t a physical document, although the deed conveys it. A property title includes a series of benefits, known as a \u201cbundle of rights,\u201d often included in a properly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[11,12],"class_list":["post-1749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-title","tag-house-title","tag-title"],"_links":{"self":[{"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/posts\/1749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1749"}],"version-history":[{"count":0,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/posts\/1749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=\/wp\/v2\/media\/1736"}],"wp:attachment":[{"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.housekeyrei.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}