A co-op is different—and maybe it’s perfect for you. But if you opt to live in a co-op, will you hold the title to your home? Here’s how it works.Continue reading “Owning a Co-Op: Different From Traditional Real Estate”
When you buy a home, you receive the deed. And you hold title. The deed and title are interrelated yet distinct concepts.
Title refers to ownership, including the legal right to possess and use a parcel, the right to exclude others from using it, and the right to transfer your interest to others.
If you do transfer your property to another person, the deed is the vehicle that moves your legal interest in the property to the other party.Continue reading “Property Title? Deed? What’s the Difference?”
You own real estate. If you’re asked, how do you show proof of your ownership?
Essentially, the proof is in your property’s title history. This means:
- Your ownership interest is only as good as the interest conveyed to you by the last owner; and
- Others could have dibs on your property, if you used it to borrow money.
Of course, when you bought your home, the title company researched the chain of title to ensure previous owner had the right to convey to property to you. How do you check the chain of title now? The county keeps records. Many county websites make the information accessible online, so you can look up mortgages, other liens, and deeds that pertain to your property.Continue reading “How to Prove Ownership of Real Estate”
Many people have liens on their real estate. Consider your mortgage—a lien that leverages the home as collateral for your mortgage loan. Other liens, too, can show up in a title search. Homeowners should know what kind of liens might attach to a home they already own, or a home they’d like to buy. Here, we review the basics of home liens: types of liens, how they impact the home’s title, how they can lead to foreclosure, and how to remove them.Continue reading “How a Lien Affects the Real Estate Title”