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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Transfer of Title

Synonyms:change of possession, sale of deed, title purchase, transference
Acronyms &
Filed Under: mortgages, real-estate
Tags: document, legal, realty

Definition of transfer of title (TOT)

transfer of title (TOT)
1. This is a process in which a seller and buyer complete a transaction surrounding the property and its ownership. This typically happens at the completion of a purchase agreement and after the consideration of value has been exchanged. Depending on location, transfer can be instant or take several weeks to complete. New ownership is then reflected through a title search.

Related Terms and Acronyms:

  • alienation clause   A requirement that the borrower pay the mortgage in full upon transfer of the property.
  • assumable mortgage   A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
  • examination of title   A review of public records and title abstracts to determine the chain of ownership of a property.
  • exchange   A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
  • possession   Something that is owned.
  • real estate attorney   A lawyer who specializes in the transfer of land and buildings and property tax issues.
  • reconveyance   The transfer of title to the borrower after a mortgage has been paid fully.
  • sale-leaseback   A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
  • title   Evidence of a person's right to possession ownership of a property.
  • title search   A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.

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