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title |
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title, in law, the means by which the owner has just and legal possession of his or her property. It is distinct from the document (e.g., a deed) that is evidence of the title. Title can be lost or acquired only by the methods established by law, that is, by inheritance or by purchase. Several persons may have different titles to the same property. While one holds a legal title (a claim to the land that is recognized by a court), another may hold an equitable title (the right to have the legal title transferred to him if certain conditions are met). This occurs if there is a mortgage reverse mortgage, a homeowner borrows against the value of a house to receive a line of credit or monthly payments. Reverse mortgages are used by elderly homeowners as a way of obtaining cash, and normally the loan is paid off when the homeowner dies (or sells the property). ..... Click the link for more information. on the land. If a person holds land free of all encumbrances he may claim to have perfect title. When property is purchased, a title search is made to make certain that the seller is the legitimate owner of the title he is selling; the resulting document is an abstract of title abstract of title, in law, brief history of the title to a piece of land. An account is given of recorded documents, court proceedings, wills , mortgages , taxes, previous sales, easements , and all other factors that at any time affected the ownership or use of the ..... Click the link for more information. . |
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