What does 'Title' mean when buying a property?
Find out what Title means when you are buying a property. 'What does Title mean?' plus over 150 other property related terms and jargon in plain English
Title
Title refers to who owns a property.
A solicitor might say "I need to check the title on the property" by which they mean they need to find out who owns it according to the legal records. Note this is not always the person who is selling, title may be held by the bank who gave the seller his mortgage or another creditor who has a debt secured on the property.
"Establishing Title" (finding out who owns the property) is essential because anyone can place a property on the market for sale. I can rent a house and then tell a local estate agent its mine and I'm selling ... they don't check!
Title is defined by whoever is named on the Title Deed - this is the official document of ownership.
To find out all the lingo you'll need to purchase a property the smart way pick up a copy of my ebook How to Really Buy a Property.
Search Results for 'title deeds' in
How to Really Buy a Property
Chapter 12:
Choosing a Conveyancer or Solicitor
"... (see Chapter 19: Time Costs Deals). An efficient solicitor who knows this should work as follows:
Receives contract and title deeds (or office copy entries) and starts the local searches
As soon as the sellers questionnaire, fixtures and fittings form and managing agents accounts (in the..."
"... happens at once which dramatically reduces timescales. An inefficient or "traditional" solicitor works like this:
Receives contract and title deeds which he files
He waits to get the mortgage offer through (3-4 weeks). No point doing any work that will cost you money until the bank has..."
Chapter 17:
The Property Buying Process in Theory
"... title deeds - this document is only held by the person who owns the property. In most cases this is not actually the vendor but the lender that he has his mortgage with. The vendor's solicitor will ask the lender to send the title deeds to him. The lender can refuse or place conditions on the request if they are concerned the property will be sold for less than the current mortgage balance and the vendor cannot prove where the shortfall will come..."
"... some changes.
The title deeds: These will either come from the vendor or the lender (if there is currently a loan secured on the property). If it is the latter the solicitor will need the mortgage lender's name and account number as well as written permission to apply for them.
The Sellers..."
"... old fashioned and refuses to send on any paperwork until he has the full set of documentation
The title deeds are with a lender who has lost them which causes weeks of delay. It is surprisingly common!
The sale price is too low and the lender, not convinced the vendor can cover the shortfall..."
"... causes weeks of delay. It is surprisingly common!
The sale price is too low and the lender, not convinced the vendor can cover the shortfall between the outstanding debt secured on the property and your offer, refuses to release the title deeds
The Vendor has the title deeds but cannot find..."
"... secured on the property and your offer, refuses to release the title deeds
The Vendor has the title deeds but cannot find them or has lodged them with a solicitor who has since gone out of business or closed down
There has been building work that required planning consent but none has been..."
"... they are comfortable with that solicitor will send out documents for them to complete. The vendor must return:
Details of where the title deeds are or the title deeds themselves
A Sellers Questionnaire
A Fixtures and Fittings List
A copy of the current buildings insurance
Any guarantees..."
"... they should do so
The title deeds are with a lender and even after the vendor has completed the necessary paperwork it takes two weeks for the lender to send them to his solicitor (so long as they can find them and lenders loosing title deeds is surprisingly common)
The title deeds were..."
"... loosing title deeds is surprisingly common)
The title deeds were lodged with a solicitor who has since closed down or gone out of business. Delays are inevitable while the vendor tracks down what happened to the documents held by the solicitor
The vendor has kept the title deeds but can't..."
"... of business. Delays are inevitable while the vendor tracks down what happened to the documents held by the solicitor
The vendor has kept the title deeds but can't remember where
The vendor is unsure about questions on the sellers' questionnaire and it takes time to find the answers (such as,..."
Chapter 21:
Legal Matters in Property Purchases
"... find answers for, and to make sure he does not get sued, are as follows:
What it's called
What it means
The title deeds
Does the person who is selling the property actually have the right to sell it - do they own it?
Fixtures and..."
Chapter 22:
Why Vendors are Poorly Prepared
"... other words it has been two weeks since the deal was agreed and your solicitor has so far done nothing, moreover you have heard nothing and seen no action! The example above, you should be aware, is based on a best possible scenario. The vendor may have chosen an old fashioned solicitor who waits weeks for original title deeds or an overworked solicitor who can't turn things around in the same..."
"... for confirmation of planning permission if:
The local search suggests planning permission was applied for
The outline of the property does not match the outline on the title deeds
There is something in the general paperwork that suggests work has been carried out (e.g. a builders..."
