A title deed is a legal document used to prove ownership of a property.
A title deed is a legal document used to prove ownership of a property. Most commonly, title deeds are used as proof of ownership of homes and vehicles, although a title can technically be issued for another form of ownership. In many regions of the world, a property title confers certain rights and privileges on the person who owns it, and such titles are necessary in situations where people wish to transfer ownership of their property.
A typical property title includes a description of the property in question, worded so that it cannot be confused with other property, along with the name of the person who legally owns the property; Multiple persons may also be listed on a title deed. An official seal is used to indicate that the deed has been registered and is usually signed by the owner and a witness, who may be a regional official or a notary.
Title deeds do not necessarily imply ownership. For example, if Mary Jones buys a car and her name is on the title, she can still lend it to a friend. Or Mary Jones could buy the car with a loan, which could mean the bank would hold the title as collateral, but she would own the car. Similarly, Bob Mackay could buy a house, receive title to it, and then rent it out for his tenants to own. In these examples, the rightful owner of the property could repossess it, using the title deed to assert his rights.
Title deeds are usually kept in a safe place because they are official legal documents, and getting a new legal copy if a title is lost or stolen can be a hassle. Many people like to make copies of their title deeds in case the original is lost or damaged, so they have a temporary measure. Since a physical title deed can be used to initiate a transfer of ownership, it is a good idea to store these titles in a safe place so they cannot be stolen and used to transfer ownership to someone else.
When a property is sold, a new property title is issued in the owner’s name. However, sometimes people don’t want to sell a property, but instead want to add someone to the title, for one reason or another. People should think carefully before doing this, because once someone’s name is on the title, he or she has legal control of the property and that can become a problem. To add someone, you need to go to an agency that deals with titles, such as a Department of Motor Vehicles for cars, or a real estate title company, and then fill out a written application for issuance of a title. new title with the additional name(s).