Introduction
A title is a document indicating legal ownership of a real estate or asset. A title may reflect real property ownership, such as for a car, an intangible property, or properties, such as a trademark.
A title may indicate ownership of an individual's or business's property rights, which is ownership of resources whether they are tangible (physical in nature) or intangible. Titles can be acquired as an estate by buying or inheriting it.
Types of Titles
The definition of a title refers to three components: ownership, occupation or possession, and the right of possession. Although there are various types of titles, there are two types that are most widely obtained: titles to personal property and titles to real property.
An Important Note
It is critical that a title company conduct a title check to ensure there are no liens, back taxes, or title problems that would prohibit the asset from being sold.
Real Estate Title Types
Ownership of real estate, or names, may take one of the many different forms. The key forms of ownership of real estate include:
- Tenancy involving two or more persons having a joint title to the land.
- Tenants in their entirety is a title that conveys ownership to husband and wife legally married, treating the couple as one person. When one partner dies, the title is passed completely to the living partner.
- Joint tenancy comprising two or more individuals jointly owning an immovable property title where all parties have equal access to the property over their lifetime.
- Community property, a type of married couple ownership with the intention to jointly own property during the marriage.
- Single ownership which is defined by a legal person or organization owning a title.
Car Title Types
A car can have a property-like simple title or bad title as well as certain forms of titles depending on the status of the car: - A junk title is when a car was sold to a junk dealer for destruction or separation. - A vehicle that has been destroyed but repaired significantly will have a restored title issued by an insurance company.
