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 other 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 title holder 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 a 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 indicate that their holder has interest in a property or that, based upon the terms listed within these rights, the title holder has a certain percentage of interest in the property. Because the rights that are 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 title holder 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 work together to convey both rights and ownership.