What is title?
A title is a document that gives its holder the legal ownership of a property, according to Rocket Lawyer. In real estate, a property title will list the description of the property, its owner, location, and the use of a property.
When the owner of a property decides to sell it, the title will be transferred from the seller to the new owner(s). Everyone who has a claim to the title must agree to the terms and sign on the closing documents. In addition, approval from all titleholders will be needed before listing the house on the market. For example, if the bank holds a lien on the property, the seller cannot sell the house without approval from the bank.
How long does it take to get the title?
The time it will take to get a title can vary based on the nature of the transaction and the property in question. As noted by the SFGATE, the title process will take around 2 weeks. In addition, the title search and exam must be completed before the settlement.
How to get a title of a property?
When you are buying a house, a title will be needed before you claim ownership of the property. There are important steps that must be taken to ensure transparency in the sale and avoid fraud. These steps go from purchasing the title insurance, title searching, resolving issues, etc.
As noted by Discover, the following are some of the steps that must be followed before the new owner receives the title of the property.
- Title insurance: This is an insurance that will protect the buyer of the property or the mortgage lender if the buyer is financing the property with a mortgage.
- Title Search and resolving title issues: The title search is a process of obtaining all information related to the title such as claims, or other owners, etc. The title investigator will conduct the search of the title. The search will be conducted on past land records, public records, etc. If there are problems associated with the title, they must be resolved before the sale goes through.
- Receiving the title: When the title search is completed and there are no issues associated with it, the sale will be closed. The new owner will receive the title and must keep it safe since it will be proof of the ownership of the property.
