Why Property Owners are At Risk
Real Estate is a type of property that's made up of land, as well as any structure that sits on it. Improvements to the structure also count toward the property. The definition also includes any other immovable resources that may appear on that piece of land including vegetation, crops, natural resources, and even water.
Owning a property is very important, most people have discovered that the best way to keep their money is by investing the in properties. People are now moving away from bankers since the interest generated by banks is much lower compared to properties. This is where real-estate comes in, real- estate makes sure that the buy get what he/she wants to purchase or the seller gets a prospective buyer.
After buying a property many people do not know how to secure it or to legally own the property so many people have found themselves losing their property without compensation. Let say you own a land near the road, if the road is expanded and it covers apportion of your land it will be difficult for you to be compensate since you cannot proof your ownership. Many people end up losing their properties silently or they are unable to proof their ownership in court.
People can own real estate for their basic residence or put as an investment rental property, and their ownership is determined through what's known as a title.
What is a Title?
Title refers to a legal document for ownership of a property. It can be issued on either personal or real property. Personal properties include those that do not belong to real estate e.g., vehicles, appliances and etc. while real property includes the physical property of real estate as well as a bundle of ownership and usage rights. Titles must be transferred after selling the property to mark the complete transfer of a property. Titles are important in acting as proof for the ownership of a property and hence it protects and secures a property. Title includes:
- Description of the property
- Name and identity of the owner
- The date when the property was last transferred
- The purchase prices
- Official registry seal
What are different types of Titles?
Below are different types of titles, it is important to know all so that you can know which one suits you most.
- Joint tenancy
- Tenancy in common
- Tenants by entirety
- Sole ownership
- Community property
Why are Titles needed
Title deeds are used as an official record of who owns the title to a property. This explains why it is prudent to verify the ownership of the property before purchasing through the layer in order to make sure that the seller is entitled to sell the property.