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,
  • To move something.
  • A document that transfers a property title.
• 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,
  • Something that is owned.
  • The condition of having signed all the papers at closing and having received keys to the house.
• 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.