Home Ownership Papers, Titles, and Deeds
Like with other types of investments, the major thing that you will want to show at the end of the home buying process is a piece of paper. The paper that you want to hold at the end of the loan is either a title or a deed. This will allow you to show that you own the house that you live in and have paid off your loan. Let’s discuss the difference between these two types of home ownership paperwork, how to get them, and more information below.
Titles vs. Deeds
A title shows evidence that you own the property or home that you have been paying off. It can also mean that while someone else is on the property or land, an owner has the legal rights that are part of the property. A title is not so much a physical document but more so a legal concept meaning “official ownership” that can be matched in the records of the locality that you are in as well as by the one who has sold the property. This may seem a bit confusing as many people tend to use “title” and “deed” interchangeably. However, they are two separate things.
A deed is a physical document that lays out the legal ownership rights and terms on a home or property. Often times, those who are investing in real estate will receive a deed as a transaction paper to the title. This shows that the person who will be getting the property has the right to the title as well as the right to the property. Deeds typically include property descriptions, owner history, liens, and more. Usually, there will be several legal factors and regulations that are bound to this type of home ownership paperwork in order to make sure that the transaction is fair.
Obtaining Your Home Ownership Paperwork
When you are about to receive a title or a deed for a home or property, there are several steps you will have to take. First, you will need proof of insurance. You will also need to provide closing documents that prove that you bought the house. The person who is selling you the home or property will also have to have these proofs of purchase. This includes a purchase agreement, invoices, receipts from the mortgage and proof of satisfaction that the one who is buying the property has met all of the requirements for purchase of the property.
Keep Your Records!
The last step to making your home completely yours is to make sure that you have the title or deed in your hand. Put your deed somewhere safe! You can obtain new copies of your home ownership paperwork if needed, but it’s best to preserve what you have to save yourself some time later on. By understanding the process of getting a title, and making sure that you walk into the final closing ready to make the exchange, you can easily and proudly own the piece of property that you have been working towards.
Not ready to own yet? That’s okay! Sherman and Hemstreet also provides stellar property management services in Evans, Martinez, Grovetown, Augusta, and more. Reach out to our team and let’s find the best fit for you!