Types of Land Titles
This article discusses not just about the basic use and definition of a land title but also the various types that you can consider settling for.
To know more about each type would help stay knowledgeable of what you are getting yourself into and at the same offering protection to your benefits of being an owner.
The land title is what a person holds on to as proof that he or she is the owner of a particular piece of land property. The term title is the legal definition for its bundle of rights which can be separated or be owned by various parties. This also comes in a form of formal piece of document that is needed especially when special transfers will be made in the future to another individual. It is related highly to the right of a person to own the land. It is advised by the experts that you have a will ready to avoid conflicts in the future.
Defining Sole Ownership
This kind of land title gives all the control and power to one person over the land. You have all the right to sell it, live in it or have others rent it. With no mortgage existing against it, you can even divide it accordingly to your preference. But just as recommended, you would need to place a will that would assign to whom your property will be transferred when the time of your death arrives. In some parts of the country, your land property is automatically transferred to your next kin in the absence of a will.
What Joint Tenancy Is About
This is defined as when you own a land property together with another person. You both hold equal ownership on the land and equal rights to do whatever it is that you want to do with the land. If the partner in the agreement dies, then the share would automatically be given to the one who is still living. All these should be agreed and delivered in one complete document. This usually fits those couples who have just gotten married and would like an equal share of both their properties.
Learning More about Tenancy In Common
This is the case when a land property is owned by various owners in different percentages. This means that one person included in the agreement can own about 51% of the land while another can earn about 29%, and another about 20%. But the rules here is that the one who owns the biggest percentage would get to have more control and right over the land property and in any decisions that may happen along the way. And if one of the owners would die, then there is no concept of right of survivorship.
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