The importance of title deeds when buying a house
There is a crucial document in the real estate world: property titles. Although it may seem a trifle, this title is essential at the time of a transaction. It can be helpful for transfers, wills, mortgages, sales contracts, and leases.
Property titles are essential to prove the registration of a property and who owns it. It can be land or construction. Over the years, in the last three decades, these titles have been digitized practically all over the world. In any case, paper support is still valid when establishing whether a property is historical and in resolving property boundary conflicts. There are often cases where the original deeds do not exist, or the property has not been correctly registered. In these cases, it is essential to meet specific requirements to demonstrate the property title's validity.
It is imperative to know how to distinguish between property deeds and titles. Many believe they are the same, but legal terms refer to two separate concepts. Owning the title deed means owning a property in its entirety. When you own a property in its entirety, you will hold both the deed and the title. It seems to be the same, but it is not.
What is the difference? Let us see: the title is the legal way of owning the right to something. In real estate situations, the title refers to the ownership of the property. This implies that one has the right to use that property. It is important to know that it can be a partial or total interest on the property. Anyway, and because it has a title, you can access the land and even modify it as you see fit.
Meanwhile, the title means that you can transfer that interest or part of the property to third parties. However, you can never make a legal transfer over what is owned.
Deeds are the legal documents that transfer title from one person to another. The deeds, beyond redundancy, must be in writing. A deed is often referred to as the vehicle for the transfer of ownership interest. It is worth noting that the transfers may be less than the title that is owned. These must be registered in a court or at the assessor's office of competence. This is done so that they are fully binding in most jurisdictions. If they are not presented, the title's transfer does not change at all: it means that the writing is not perfected. It is worth saying that an imperfect act does not imply a problem with the title. It is simply a problem with how the procedure related to the corresponding deed was handled.