Do You Know the Main Title Holder of Your Property?
The professionals at Local Records Office (LRO), a company that provides clients with property profile reports, understand that it is easy to make assumptions about a property’s ownership. For instance, you may assume that a house, office space, or another piece of property in which you are interested is owned by the seller. Additionally, you might assume that your name is listed as the main titleholder on a piece of property that you own. But the truth is that these assumptions can lead to major issues with your real estate dealings.
What Is the Main Title Holder?
First and foremost, it is important to explain what, exactly, a title is. The title of a property is a collection of legal rights that their holder has an interest in a property or that, based upon the terms listed within these rights, the titleholder has a certain percentage of interest in the property. Because the right that is provided by a title can actually go to a number of individuals, as long as they are appropriately divided, it can prove difficult to determine the main titleholder of a property.
Deeds, which frequently further define property ownership, are also important documents in determining who has rights to a certain real estate asset. It is important to remember that titles do not indicate outright ownership. This means that titles and deeds need to convey both rights and ownership.
What Are the Rights That a Title Provides?
For individuals who aren’t familiar with the real estate industry or the laws that govern it, thinking of a title as rights rather than an indicator of ownership may prove challenging. To clarify this idea, here are some of the rights that a title may grant to the main titleholder:
- Exclusive possession
- Water rights
- Farming rights
- Hunting rights
- Development rights
- Mineral rights
- Timber rights Grazing rights
- Air rights
Possession is a particularly important right, as there is certainly a difference between possession and the right of possession. Without the right of possession, the law may find that possession of a property is illegal.
Check the Main Title Holder of Your Property
Whether you are looking to buy a new hose, are interested in purchasing a new piece of property on which to build or open a business, or have already invested in real estate and want to ensure that your assets are, indeed, viewed as yours in the eyes of the law, it is an always a great idea to get a property profile report from Local Records Office. This report will provide information regarding the individuals who are listed as the main titleholder, among other important details, so that you can ensure that the documentation regarding your property is accurate.
The professionals at Local Records Office are able to provide their services to clients across the United States. Simply get in touch with a company representative and provide them with payment and the address of the property in question From there, the professionals will draft a comprehensive profile and provide you with the information you need to rest assured that your property’s title is in the right name.