Title and deed are not the same in real estate transactions

On Behalf of | Sep 1, 2021 | Uncategorized |

Buying a house involves a great deal of paperwork. At closing, new homeowners will have to sign document after document, and it can easily become confusing. In particular, some Ohio residents may be confused about the difference between a title and deed, both of which are different but important to homeownership.

When a person obtains a property deed, it is a physical document showing the person’s ownership of the property. The deed allows the title of the property to shift from the seller to the buyer and provides a description of the property. The deed also involves the rights the new property owner has to the property and the type of ownership held through the title.

Some different ways ownership of a title can be held include the following:

  • Sole ownership, meaning an individual holds the title of the property
  • Joint tenancy, meaning the title is held by two or more people who have equal ownership
  • Tenancy in common, meaning two or more people own the property but each holds the title separately for his or her share of the property
  • Community property, meaning that the title is marital property that a couple acquired during their marriage

Understanding the title and deed when it comes to property ownership can be confusing. As a result, it often pays to have professional help in understanding what these terms mean, how they apply to new homeowners and how issues with either document could affect Ohio residents. If concerns about documents arise, discussing those concerns with experienced real estate attorneys may be wise.