At the end of any successful real estate deal, there has to be papers that show you, in fact, own the property you have purchased. These papers are titles or deeds that show where you purchased the property and that you own the property and have paid off the loan (when and if you finally do). Copies of these papers are usually kept on file in your local county courthouse or wherever property deeds are recorded in your community. Here you can find history of all property deeds and other factors affecting a title like loans and release of loans. You will find information about the seller or Grantor and about the buyer or Grantee.
The title document shows that you own the property and have been paying it off. Likewise it can mean that someone else is occupying the property, but you have legal rights to the property. The title documentation will match the records of the locality you are located in and that you are the owner (or in case of a sale) the seller of the property.
A deed is used during the process of securing a title. Usually, an investor in real estate will acquire a deed as a forerunner to receiving the title. This will indicate that the buyer of the property has title rights as well and the right to the purchased property. To make sure that the transaction is fair, there are often times several legal considerations and regulations that are tied to the documentation.
Several steps must be taken in order to receive a title or a deed for a home and property. A proof of insurance must be available, as well as documentation that you bought the house. The seller must also have the same proofs of purchase including a purchase agreement, invoices, receipts from the mortgage and proof of satisfaction that the buyer has met all requirements in order to purchase the property. Nearly all lending establishments require title insurance to protect their investment in the property. However, there are some mortgage lenders who may not require title insurance.
Always have the title or deed close at hand. You need to completely understand the process of acquiring a title or deed so that when you are into the final closing stages of buying or selling your home, you are prepared and ready to seal the deal and own or receive money for the property at hand.
ABOUT THE AUTHOR:
Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles. For more information, visit his website at http://www.westsangabrielvalleyrealestate.com
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