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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Transfer of Title


Synonyms:change of possession, sale of deed, title purchase, transference
Acronyms &
abbreviations:
TOT
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.

More Related Terms and Acronyms

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