Land Title
Definition
- The legal document conveying title to a property.
Synonyms
title to property, land registration, legal document
Related Terms and Acronyms
- Abstract of Title (ab) — Abbreviation,
- A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
➥ AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds. - Certificate of Sale — Definition,
- An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
- Certificate of Title — Definition,
- A written document stating that the title to a piece of property is legally vested in the present owner.
- Chain of Title — Definition,
- Legal records that trace ownership of a property from the most recent owner to the original owner.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Land — Definition,
- The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
- Land Contract (LC) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
- Land Titles System — Definition,
- This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Lis Pendens — Definition,
- A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
- Metes and Bounds — Definition,
- A surveyor's legal description of a parcel of land, defined by measurements and angles.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
- Torrens System — Definition,
- A system that is provided by Provincial law for the registration of land titles. The system records the state of the title, including ownership and encumbrances without the necessity of an additional search of the public records. Also known as the "Land Titles System."
