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
notarized statement, proof of ownership, signed document, legal 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 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.
    • A document certifying clear title to a property.
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