A title deed is a legal document used to prove ownership of a property, including homes and vehicles. It includes a description of the property and the name of the owner. Possession and ownership are not the same, and a physical title deed should be kept in a safe place to prevent theft. When adding someone to a title, legal control of the property is given to them.
A deed is a legal document used to prove ownership of a property. Most often, title deeds are used as evidence of ownership of homes and vehicles, although another form of ownership could technically be issued a title deed. In many regions of the world, a property title confers certain rights and privileges on the person who owns it, and such titles are necessary in situations where people wish to transfer ownership of their property.
A typical title deed includes a description of the property in question, worded in such a way that it cannot be confused with other property, along with the name of the person who legally owns the property; Multiple people may also appear on a title deed. An official seal is used to indicate that the deed has been registered, and is usually signed by the owner and a witness, who may be a regional official or secretary.
Property titles do not necessarily imply possession. For example, if Mary Jones buys a car and her name is on the title, she could still lend her car to a friend. Or, Mary Jones could buy the car with a loan, which could mean that the bank would hold the title as collateral, but she would own the car. Similarly, Bob Mackay might buy a house, receive the deed to the property, and then rent it out, so that his tenants have possession. In these examples, the rightful owner of the property could repossess it, using the title to the property to assert his or her rights.
Land titles are usually kept in a safe place as they are official legal documents, and getting a new legal copy if a title is lost or stolen can be a hassle. Many people like to make copies of their title deeds in case the original is lost or damaged so they have a temporary measure. Because a physical title deed can be used to initiate a transfer of ownership, it’s a good idea to keep such titles in a safe place so they can’t be stolen and used to transfer ownership to someone else.
When a property is sold, a new title deed is issued in the owner’s name. However, sometimes people don’t want to sell property, but they do want to add someone to the title, for one reason or another. People should think carefully before doing this, because once someone’s name is on the title, he or she has legal control of the property, and this can become a problem. Adding someone requires going to a title agency, such as a Department of Motor Vehicles for automobiles, or a real estate title company, and then completing a written application to issue a new deed with The additional name or names.
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