When you go shopping for houses here in Aurora or for Scarborough real estate, or any type of property anywhere, you're going to run into a lot of unfamiliar terms, especially if this is your first time. If you don't understand a term, speak up. Not doing so could result in you inadvertently agreeing to something you don't need or want. The subject of our article today is property titles: what they are, how they effect you, and how they are handled during the real estate sale process.
A title, defined in legal terms, is a document that gives proof of ownership. Titles don't just come with houses but also with plots of land, condo units, commercial property, cars, recreational vehicles, and any large and expensive item that people are worried about protecting their interests in. The point of having a title to your car or Oshawa real estate is that in the event of a dispute over ownership, the title provides proof to the court that you are the true owner.
Though all real estate titles indicate ownership of the property in question, not all of these titles give the owner the same rights. Almost all titles guarantee the owner the exclusive right to use, give away or sell, or divide up the property, but in some cases there are certain things you're not allowed to do. For instance, with Toronto condos, you can't alter the structure of the building, which would infringe upon the rights of the other tenants.
Other rights you may or may not have include the right to use any water on the property, mine minerals, farm, cut timber, graze animals, hunt, or develop it commercially. If you plan to use the property you find in the Mississauga property listings for any of these purposes, it's your responsibility to find out whether the title will give you the right to do so or not. If not, you don't have to give up. It just means that you will have to do extra leg work securing these rights from the entities (perhaps the government or neighbors) who currently own them, though you will not always be able to do so.
When you are in the process of buying a house for sale in Scarborough, the actual title of the property doesn't change hands until the day of closing. After that day, you are the official owner of the property and therefore the owner of any problems or issues discovered on it, so make sure you do your inspections before closing. There is usually a government fee to be paid when the title changes hands because the government will have to register that you are the new owner. Your offer should outline which of you, buyer or seller, will pay this fee.
|