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What Is a Land Title?
A land title (also known as a property title) is the collection of official records stating the specific details of the property you are buying, including who the current owner is, commonly in the form of a deed.
These records are kept at the land title office in your local area for keeping property ownership within a city or township up to date.
How Is It Used in Real Estate?
The term land title is used extensively in the real estate industry, all throughout the buying and selling process.
When looking to buy a property, it’s common to have your real estate agent perform a title search.
A title search is conducted to make sure there are no unforeseen surprises and the title is clear of financial or non-financial charges (e.g., property easements). The majority of home sales are completed without too much trouble, but occasionally there are problems with the title.
Example
Nina is looking to purchase a property. She’s begun house hunting and found one she wants to put an offer on.
Before submitting the offer, Nina is curious if the land title is in good standing and there are no charges against the property.
She navigates to the Land Title and Survey Authority of British Columbia (LTSA) and follows the simple steps for looking up the property she wants to buy.
Nina ends up finding out that there is a lien on the property from the previous owner’s owed debts.
Frequently Asked Questions
What happens if there are issues with the title as a potential buyer?
During the buying process, there could be a charge on the propertyeither financial or non-financial. This could be a problem for the buyer. In instances like this, it’s the seller’s responsibility to clear all issues so the home can be sold.
Buyers can also get title insurance to help protect them against unforeseen issues or fraud related to the land title. Title insurance shields the buyer and lender from a variety of risks relating to the ownership or title of the property.
What happens to the title when you sell?
The seller’s title ownership is transferred to the buyer when the property is sold. A few weeks after closing, the buyer will get a copy of the new title, which will show that they now own the property and the seller has no further claim to it.
