The process of owning a property is legally complex. You’ll need to take possession of the title to become the home’s legal owner, and a lot goes into this process. Here’s what you need to know.
The title represents all the legal rights regarding the use and ownership of a residential property. So, you’ll have the right to possess, use, and enjoy the property as you wish. Besides, you can sell, rent, transfer ownership, and limit the number of people who can enter your property.
Even so, these rights to the property might face limitations from the law, easements on the property, or homeowners association regulations. For instance, a legal search warranty from a law officer can override your right to limit who can enter your property.
A chain of title can show the history of ownership of a home. So, when a house is in the process of being sold, you’ll need to analyze its chain of title to make sure that the seller has all the legal rights to sell the property.
Doing so helps you assume possession of the house without hindrances that could risk your ownership or result in expensive legal fees. Often, this process is called a title search, and it’s performed by a title agent from your title insurance company in Coral Springs.
If a problem arises with your title after buying a home, title insurance will keep you safe from any financial loss. Liens, co-owners, and easements will limit what you can do as an individual with your property. Your title insurance company in Coral Springs can help you understand how to hold the title on your purchased property.
The different ways homeowners can hold the title to a property can alter how ownership interest gets divided among co-owners. Besides, these ways can determine who that interest will get passed on to when the owner passes on. Furthermore, the specifics of these methods of holding the title will differ depending on your state’s laws. There are several different ways to hold the title.
This is a method where a sole owner holds title to a property in their name only without sharing ownership interests with other people. Whoever takes over ownership of the house if the owner dies will depend on whether the sole owner had a will. Without a will, the property gets transferred depending on state law.
With joint tenancy, two or more co-owners can have an equal share and undivided interest in a property. Co-owners that use this method of holding title receive the right of survivorship. So, your shares won’t get willed to others and will get passed to co-owners when you die.
This method of holding title permits two or more individuals to co-own a property with interests split up in whatever manner they choose. Even so, each co-owner will have an equal right to possess the whole property.
Tenancy in common allows each co-owner the right to sell, give away, or do as they wish with their ownership interest. The other methods of holding title include:
A professional title agent can help with your title search process to avoid title issues and claims with your title insurance. Contact Expert Title Company for more information!