|
The
word "title," as we use it in the title industry-as
in "the title to a piece of property"-means having
the right to possess the property.
"Ownership" can be defined as the exclusive
right to possess, enjoy and dispose of title to property that
one has title to. A
deed is the written instrument by which title to property is
passed from owner to owner.
In Ohio, the Warranty Deed and the Quit-Claim Deed are the major deed forms used. However, while a deed transfers the right of ownership, it does not extinguish the rights of others in the property or prove ownership.
Ownership is determined by a study of the record of all transactions which affect the property. These transactions form a "chain" of sorts. This "Chain of Title" runs from the first owner down to the current owner. All the links of the chain must be strong, and all rightful interest in the property must be provided for throughout the chain in order to establish the identity of the owner and the quality of the owner's title.
<Previous Menu
Next>
|