What is a Property Profile Report?
The professionals at Local Records Office (LRO), a company that provides clients with property profile reports, understand that it is easy to make assumptions about a property’s ownership. For instance, you may assume that a house, office space, or other pieces of property in which you are interested is owned by the seller.
Additionally, you might assume that your name is listed as the main titleholder on a piece of property that you own. But the truth is that these assumptions can lead to major issues with your real estate dealings.
What Is the Main Title Holder?
First and foremost, it is important to explain what, exactly, a title is. The title of a property is a collection of legal rights that indicate that their holder has an interest in a property or that, based upon the terms listed within these rights, the titleholder has a certain percentage of interest in the property.
Title of Property
Because the rights that are provided by a title can actually go to a number of individuals, as long as they are appropriately divided, it can prove difficult to determine the main titleholder of a property. Deeds, which frequently further define property ownership, are also important documents in determining who has rights to a certain real estate asset.
It is important to remember that titles do not indicate outright ownership. This means that titles and deeds need to work together to convey both rights and ownership.