Property ownership is an issue that is debated on a daily basis across the country. A fairly complex legal idea, it is important that you understand which documents are required to secure ownership of a property in order to best protect your largest financial assets (namely, your real estate). Many individuals believe that holding either a title or a deed is a sign of ownership, but the truth is that this issue is much more complicated that this simple solution makes it seem. You see, both of these documents work together to establish ownership.
What Is a Title?
A title is a legal document that conveys certain rights to the individual who holds it. Simply put, this means that the individual who is listed as the title holder is the individual who has the right of ownership over the property. Record Transfer Services helps home owners acquire a copy of their title. But it gets a bit more complicated. Because you can have multiple names on a title, it is important that you are aware of who is considered the main title holder in order to accurately determine ownership.
The rights that are granted to individuals with a title vary from one document to the next, depending upon the arrangement that is made. Oftentimes, though, these rights include acquisition, tenancy, conveyance, grazing rights, timber rights, development rights, water rights, exclusive possession, partition, hunting rights, mineral rights, air rights, hypothecation, farming rights, and easement.
It is important to point out the issue of exclusive possession. The saying, “possession is nine-tenths of the law” is commonly used in today’s world. However, there is a major difference between having possession of a property and having the right of possession of a property. As such, it is important that you understand this concept to protect your real estate assets.
What Is a Deed?
Like a title, a deed is an essential legal document in terms of determining ownership of a property. In their most basic form, deeds assign particular rights over a specific piece of property to particular individuals. In most cases, the main title holder is also the holder of the deed. However, when this is not so, the legal ownership of a property can become quite confusing to identify and legal assistance may prove necessary to work the issue out.
If you are a property owner, it is crucial that you have legal ownership of your real estate—not just possession. Record Transfer Services can help you get a copy of your deed. Through a property profile report you can gather some of the information necessary to determine this issue, such as the name of the main title holder. By ensuring that your property is 100 percent yours in a legal sense you can better protect your investment.
