Certificate of Title

Definition

• A written document which validates the title to a property. This means the property is legally vested in the present owner.

Synonyms
proof of ownership, legal document, notarized statement, signed document

Related Terms and Acronyms

• Bill of Sale (BS) — Acronym, Important,
  • A written document that serves as evidence of the transfer of title to personal property.
• Certificate of Occupancy (CO) — Acronym, Important,
  • Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
  ➥ Zoning bylaw.
• Certificate of Sale — Definition,
  • An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
• Chain of Title — Definition,
  • Legal records that trace ownership of a property from the most recent owner to the original owner.
• Claim — Definition,
  • A creditor's assertion of a right to payment from a debtor or the debtor's property.
• Deed (D) — Acronym, Very Important,
  • A document that provides title to property and is filed with a country recorder.
  ➥ Used to transfer ownership of assets, often land or automobiles.
• Examination of Title — Definition,
  • A review of public records and title abstracts to determine the chain of ownership of a property.
• Land Title — Definition,
  • The legal document conveying title to a property.
• Purchase Agreement — Definition,
  • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
• Title Report — Definition,
  • A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
• Title Search — Definition,
  • A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
• Warranty — Definition,
  • A document certifying clear title to a property.
  • A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.