Definition of "Property Title"

The term “property title” is relatively common and often used in the real estate industry, which is why it’s useful to know what it really means. While the term itself is known, it is also confused with “property deed” but they are not interchangeable. So what is a property title? 

The definition of property title is the legal right of ownership by an individual or party of a property that is either owned or partially owned. This legal right is not only evidence of ownership and lawful possession, but it also lays down the rights other people have that share ownership of the property in regards to the way the property is used, sold, or modified.

Property title can be about ownership, occupation, or possession, along with the right of possession. The most common types of titles are personal property titles and real property titles, and we’ll look at each of them.

Personal Property Title

The meaning of personal property title is an individual’s right of ownership over things that are not real property. These are movable personal property, and it isn’t generally taxed. Personal property can be corporeal (jewelry, animals, merchandise) or incorporeal (patents, copyrights, stocks, bonds).

Real Property Titles

Unlike personal property, real property, as it refers to cars and real estate, comes with a title that shows ownership. In case the real property is sold, the title is reassigned to the new owner. The real property that is sold must be owned entirely by the seller and not extending to a credit line.

Types of Real Estate Titles

There are several types of real estate titles, some of which might be familiar to you or at least sound familiar even if you’re unaware of what they meant. We’ll take a look at them and explain everything.

 

  • Tenancy in common - When two or more people share a real estate, each holds a “tenants in common” title for their part of the property
  • Tenants by entirety - When a married couple shares a real estate, the real estate title is shared by the two. Upon death, the remaining spouse gets the whole title.
  • Joint tenancy - When two or more people share a real estate, each having equal rights over the property.
  • Community property - A property purchased during marriage is split between the two spouses, each having the right to sell or transfer their half of the property to another.

 

  • Sole ownership - one individual or business is holding the real property title.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The definition of a bedroom community, or commuter town in real estate is a unique type of community that merely uses their homes to sleep, while doing everything else offsite. In a bedroom ...

Mortgage in which the interest rate charged by the lender can vary according to some reference index not controlled by the lender, such as the interest rate on 1-year U.S. T-bills or the ...

Interest rate that exceeds the rate on the old loan but in less than the rate on new loans. It is usually offered by the lender to encourage home buyers to refinance existing, low interest ...

Rate of return that is necessary to maintain market value of a real estate project. The cost of capital is used for project evaluation purposes. Under the net present value method, the cost ...

Obtaining money and/or property from a deceased person whether by will or not. ...

in joint tenancy, the joint tenants must acquire their interest by the same conveyance and the interest must be equal. ...

High quality, premium wood to be used in construction such as for home building. ...

Wood strip on the top of a baseboard. ...

Notice of a pending suit; a public notice given to prospective purchasers and any one else considering an interest in property that the title is being legally challenged, and the outcome is ...

Popular Real Estate Questions