About Property Titles

When buying or selling a home, a major step in the process is researching property titles. There is an entire division of law study devoted to property law, but here we will give you some basic information on what a property title is and how it will play into your life.

History

A property title can show the history of a house as far back as it was built. When the house changes owners and a new title is issued and filed, a reference linking one owner to the next is included with the document, in addition to the names of the previous and current owners.

Significance

Possession of title on a piece of property signifies that you are the legal and undisputed owner of that land and anything on it. It establishes how it came to you (previous ownership) and how much you paid for it. All of this is registered with the county or state. It also establishes debt and liens with the property as collateral (insurance, essentially).

Features

Property titles can carry all sorts of features. They can show easements or pieces of property that you have been granted access to. All mortgage and home loan information is attached to the property and the amount of debt that is currently or ever was attached to the property is clearly dictated on the title.

Considerations

Remember that all debts and liens show up on your property title; if you are selling your home, it will be quickly discovered if anyone is seeking damages from you in response to unpaid debt, because your property is the first forfeit.

Benefits

The development of property title and the county registration system is really innovative. Now, as they are all being transferred to electronic databases, a property title can be more thoroughly researched and examined than ever before, allowing for less likelihood that someone will be taken advantage of in the transfer of property title.