Transfer of Title
- 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.
change of possession, title purchase, sale of deed, transference
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.