Transfer of Title

Definition

  • This is a process in which a seller and buyer complete a transaction surrounding the property and its ownership. This typically happens at the completion of a purchase agreement and after the consideration of value has been exchanged. Depending on location, transfer can be instant or take several weeks to complete. New ownership is then reflected through a title search.

Synonyms
change of possession, title purchase, sale of deed, transference

Acronyms
TOT

Related Terms and Acronyms

  • Alienation Clause Definition,
    • A requirement that the borrower pay the mortgage in full upon transfer of the property.
  • Assignee Definition,
    • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
    • A person appointed to acquire (take) an item, such as a property.
  • Assignment Definition,
    • The transfer of a mortgage from one person to another.
  • Assignor Definition,
    • Assumability Definition,
      • The ability of a mortgage to be taken over from the original borrower by a new borrower.
    • Assumable Definition,
      • A loan or obligation that can be taken over by a new borrower.
    • Assumable Mortgage Definition, Very Important,
      • A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
    • Chain of Title Definition,
      • Legal records that trace ownership of a property from the most recent owner to the original owner.
    • Closing Costs Definition,
      • The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
    • Closing Date (cloda) Abbreviation,
      • The date a buyer takes possession of a property title.
    • Conveyance Definition,
      • A document that transfers a property title.
      • To move something.
    • Examination of Title Definition,
      • A review of public records and title abstracts to determine the chain of ownership of a property.
    • Exchange Definition,
      • A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
    • Porting Definition,
      • A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
    • Possession Definition,
      • The condition of having signed all the papers at closing and having received keys to the house.
      • Something that is owned.
    • Real Estate Attorney Definition,
      • A lawyer who specializes in the transfer of land and buildings and property tax issues.
    • Reconveyance Definition,
      • The transfer of title to the borrower after a mortgage has been paid fully.
    • Sale-leaseback Definition,
      • A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
    • Title Definition,
      • Evidence of a person's right to possession ownership of a property.
    • 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 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.
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