Deed vs Title
Deed, title, and title deed are words that we commonly read and hear in legal documents. In fact, a deed is itself a legal document that makes it possible to transfer the ownership rights from a person or organization to another person or organization. A title deed is another legal document that proves the ownership of a property in the name of a person or organization. The two words are often used in a single phrase as title deed, which is why many people are confused when asked the difference between a deed and a title. However, there are differences between deed and title that will be talked about in this article. These differences become necessary to know if one is going to purchase a property in the near future.
Deed
A deed is a legal instrument that transfers ownership rights from the old owner to the new and contains the names of both the owners. It also contains the description such as the address of the property, its boundaries, as well as its size. Without a deed, it is impossible to transfer the ownership of a property. A deed has to be signed by both parties in the presence of a legal officer. There are many different types of deeds such as quitclaim deed, a warranty deed, a grant deed, and so on.
Title
Title in property law refers to all the rights and privileges to which individuals are entitled. Title is a concept that is synonymous with the concept of ownership as anyone holding the title of a property is said to be the owner of the property. One having the title of a property is the owner excluding the rights of others. When buying a property, the most important legal document for a buyer is the title deed which confirms the fact of legal ownership of the property by a person.
What is the difference between Deed and Title?
• The difference of a deed and a title becomes clear when a bank gets the legal documents called deed and title signed by a person who takes a loan to buy the property.
• The deed of the property describes the address, boundaries, and size of the property while the title is in favor of the bank till the time all dues are cleared by the person taking the loan.
• Once the loan has been repaid, the title of the property is changed by the bank in the name of the borrower. At times, a father may strike the name of one of his heirs from the deed of his property. This is when the title of the property is changed.