There’s a lot to think about when buying real estate. Whether you’re looking to invest in property, or want to move into a new home, the type of land title associated with your purchase is key. But understanding it requires a little bit of legal research. Here are some of the things to know about land title documents:
Chain of title documents are an important part of a property’s history. They establish the official owner of a piece of property by showing all previous owners and how they acquired their ownership rights. These documents are closely examined by title professionals before a closing on a property. They reveal issues that could affect a new owner’s interest in the property, such as liens or encumbrances on the title.
The chain of title documents also contain a legal description of the property. This is a precise written instruction about how to identify the exact location and boundaries of a specific piece of land. It’s also a very important component of a property survey.
Some examples of different types of land titles include joint ownership between family members, siblings or friends, trust-based ownership where a piece of property is owned by a trust as opposed to an individual, and corporate or company ownership where the title is owned by a corporation rather than a person. Each type of ownership comes with its own benefits and responsibilities.
A land title document is an official record of property Calgary NE registry ownership and can be used to prove ownership in court. The document includes details of the property, such as a detailed map and the names of its current and past owners. If you own a property, it’s important to keep a copy of the land title in a safe place. It’s also a good idea to get a survey of your property every few years to make sure the legal descriptions are still accurate.
Land title documents have three main sections: the property register, proprietorship register and charges register. The property register includes important information about the property, including its description, boundaries and restrictions on its use. It’s also the section that lists any mortgages or other encumbrances on the property.
The proprietorship register includes a list of all the owners of the property and their names, as well as any restrictions on the land’s use such as zoning laws. This section is especially important for anyone who intends to sell their property in the future because it will indicate who they should be contacting regarding any enquiries.
The charges register is the last section of a title deed. It lists all monetary obligations, such as unpaid mortgages, encumbrances and charges on the property. This information can be important for a new buyer who is considering a purchase, as it can impact their ability to get a loan for the property. This information can also influence how much they should offer for a property. In most cases, a charge will have to be paid off before you can transfer the property.