1031.ExchangeINTELLIGENCE NETWORK
License territory Acquire
TRANSACTION & CLOSING

Title

Also called: property title · ownership title

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PLAIN-ENGLISH DEFINITION

The legal ownership interest in real property and the rights associated with it.

What it means in practice.

Title review identifies the record owner and exceptions such as liens, easements, restrictions and other encumbrances.

Why it matters.

Exchange eligibility cannot cure a title defect or ownership inconsistency.

Additional notes.

Title review identifies the record owner and exceptions such as liens, easements, restrictions and other encumbrances.

CONNECTED LANGUAGE

Related definitions.

Transaction & ClosingTitle insuranceInsurance protecting against specified covered title defects, subject to the policy’s terms, exceptions and exclusions.Transaction & ClosingEncumbranceA claim, lien, restriction, easement or other interest that burdens or affects property title.Transaction & ClosingALTA surveyA detailed land-title survey prepared to recognized professional standards and commonly used in commercial real-estate transactions.
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