A property title is a legal right that an individual has to a real estate property. This right allows them to use the property, sell or transfer it to a third party. On the other hand, a deed is a document that provides an individual with these rights.
There are many real estate titles that sometimes confuse real estate buyers and intending buyers. In this article by Steltzner Law Firm, you can learn about the different real estate titles and what they mean.
Different Types of Real Estate Title Forms
1. Fee Simple
This title form is used when a person has unrestricted, absolute, and irrevocable ownership of a property. There is no time limit to the owner’s right under fee simple title, and they can sell or transfer the property when they pass away.
2. Joint Tenancy
A joint tenancy title shows that more than one person owns the property. Each owner holds an undivided share of the property; if they pass away, their survivor has their share.
3. Tenancy in Common
This title is similar to joint tenancy, except that there is no right of survivorship. Under the tenancy in common title, the owners can enter this type of title anytime. Owners have the right to dispose of their share of the property at will. They can also will their portion to another party or use it as collateral. However, the title doesn’t allow automatic survivor rights.
About Steltzner Law Firm
If you need help understanding the different types of titles or deciding on the title you want for your property, you can seek legal assistance from experienced attorneys or firms like Steltzner Law Firm.
Steltzer is a law firm with experienced attorneys with in-depth knowledge of real estate closing, providing transactional legal services and representations to individuals, business corporations, partnerships, and investors in North and South Carolina.
To schedule a consultation, contact Steltzner Law Firm at 803-329-3777 or visit their website.
