- Evidence or written proof that shows a person's right to possession or ownership of a property.
legal document, property title, bill of sale, deed
Related Terms and Acronyms
- Abstract of Title (ab) — Abbreviation,
➥ AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
- A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
- Adverse Possession — Definition,
- A means of getting title to land by using it without the objection of the title holder.
- Alienation Clause — Definition,
- A requirement that the borrower pay the mortgage in full upon transfer of the property.
- Back Title Letter — Definition,
- A document that a title insurance company gives to an attorney specifying condition of the title.
- Bill of Sale (BS) — Acronym, Important,
- A written document that serves as evidence of the transfer of title to personal property.
- Bona Fide — Definition,
- In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
- Bundle of Rights — Definition,
- A set of legal rights that an owner has regarding a property.
- Burden of Proof (BOP) — Acronym,
- The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
- 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.
- Clear Title — Definition,
- Title not burdened by liens or legal questions.
- Cloud on Title — Definition,
- A claim on title to property that could impair the ability to transfer ownership.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Conveyance — Definition,
- To move something.
- A document that transfers a property title.
- Deed (D) — Acronym, Very Important,
➥ Used to transfer ownership of assets, often land or automobiles.
- A document that provides title to property and is filed with a country recorder.
- Domicile — Definition,
- A person's permanent residence.
- Fee Simple — Definition,
- Outright ownership of real estate, free of any liens or other claims against title.
- Fee Simple Defeasible — Definition,
- When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
- Housing-equity Partnership — Definition,
- An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
- Insurable Title — Definition,
- A title that can be insured.
- Land Contract (LC) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
- Land Title — Definition,
- The legal document conveying title to a property.
- Land Titles System — Definition,
- This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Legal Mortgage — Definition, Important,
- The written geographical description of a property as described in the land register.
- Lis Pendens — Definition,
- A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
- Property Report — Definition,
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- Province of Domicile — Definition,
- The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
- Reconveyance — Definition,
- The transfer of title to the borrower after a mortgage has been paid fully.
- Sales Contract — Definition,
- A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
- Title Binder — Definition,
- Insurance that covers both the buyer and seller of a property until the property has sold.
- Title Company — Definition,
- A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- 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.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
- 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.