3 Things You Need to Know About Land Titles
Are you struggling with land title disputes? Maybe you just want to understand a little more about how they work?
Truthfully, land titles can be very confusing, but you need to know how they work before your unruly neighbor attempts to strip you of your property.
That being said, here are a few things about land titles that you may not have heard of that will make you better prepared to protect your right to your land.
Land Titles Don’t Equal Deeds
Although titles and deeds work together, it is important to recognize that they are two separate things.
A title is a legal document that shows who owns a specific plot of land, while a deed is a legal instrument that is used to transfer the actual title from the previous owner to the new owner.
Before the title is transferred over to the new owner of the land, the deed is created to outline a number of important matters pertaining to the land itself. These matters include the parties involved in the deal and the land being given or sold.
It’s important to note that without a legally recognized deed or title, the government will not say you own the piece of land in question, whether you bought it fair and square from someone or got it as a gift from Auntie May.
Once the county clerk’s office has a legal copy of this document, the title will change to show the name of the new owner.
Get Some Title Insurance
We’ve all heard of car insurance and life insurance, but it wouldn’t come as a surprise if you didn’t know about title insurance.
This is actually really important to have if you have your own piece of land that you’re looking to sell.
Sometimes issues such as the location of property lines may arise during a title search that you didn’t know about. When this is the case, having title insurance will minimize the effects by covering any losses and legal expenses.
This is especially important if you are lending a portion of land to a buyer, as this protects the agreement you made with the borrower and will cover your losses if you happen to be caught in a land dispute.
Know Your Titles
Speaking of lender’s titles, there are quite a number of different land titles out there, and many of them differ by state.
That being said, there are some staple titles seen throughout pretty much any state you go to. A few of these include the Torrens title, Strata title, Company title, and Leasehold title.
The Torrens title is for traditional single owner home ownership, while Strata titles are for investments in multi-unit complexes like condos.
Company titles allow property owners to own shares in the company building, while leasehold titles give owners temporary ownership of government-owned land.
Professionals You Can Trust
Working with land titles can be a confusing world to operate, thankfully, you won’t have to do it alone.
When it comes to the rights you have to your property, we are the professionals you need for the job. We handle everything from real estate to wills to commercial litigation. and so much more.
Have any concerns? Feel free to give us a call and let us know how we can serve you.
We look forward to hearing from you.