Deed vs. title: What's the difference? Most people use these real estate terms interchangeably, but there's a significant difference between the two—a distinction that's important for owners and for buyers ready to purchase a home. So before you sign up for a mortgage, let's look at what distinguishes deed from title.
Deed vs. title: The difference between these 2 real estate terms
A deed is a legal document used to confirm or convey the ownership rights to a property, A deed or property deed must be a physical document signed by both the buyer and the grantor or seller. So when you buy a property, you will receive the deed, a document that proves you have ownership. That deed is an official document that says you have title to the real estate.
Title, however, is the legal way of saying you have property ownership. The title (or property title) is a document that says you have the rights to use that property.
How to get the deed and take title of a property
To get the deed and "take title," or legally own the property, City Spaces through our compliance department will perform a title search of the public record. This ensures that the grantor or seller has the legal right to transfer ownership of the property to you as owner, and that there are no liens, personal property disputes, or claim possessions against it.
If everything is clear, then at closing, the grantor or seller will transfer the title to you, and you have legal ownership of the real estate
What is title insurance?
Even with all of the due diligence City Spaces does before a real estate closing, there are rare instances when title problems can pop up later (e.g., missed liens and other legal issues that can be very costly to resolve).
We can put you in touch with an insurance company to discuss details