Everything You Need to Know About Title Deed – Meaning, Registration and Types of Deeds

To keep the process calm, those entering the world of property purchase should expand their vocabulary before entering this uncharted territory. Various names are given to documents that prove the buyer's ownership of a specific immovable property. It is also known as the title deed and is sometimes referred to as the sale deed. While you might believe the two things are the same, this is not the case. While you're at it, learn the difference between a sale deed and a title deed, which are documents that prove your ownership of a property. 
What's the difference between a sale deed and a title deed? What are the differences between them if they are different? We attempt to dispel the ambiguity surrounding this frequently asked question among buyers. Let's examine the definitions of the two words, how they differ and understand the debate about the deed of transfer vs title deed.

What is title deeds of property

Among its many definitions, the Oxford Dictionary defines a title deed meaning as the "legal right to own something, particularly land or property; a document that proves this right.". When you buy a property in real estate, you must go through a formal process known as property registration to obtain legal ownership of the asset. Property ownership is transferred to you through this process.  The main title deed vs sale deed difference is that the sale deed is the legal document that allows this process. The terms title deed and sale deed are frequently used interchangeably.

Title Deed Registration

Owners of commercial properties, such as commercial companies, directors, or trustees, can file title deeds. This allows them to ensure that they are properly registered if they need to raise funds. Some commercial companies use deed polls to ensure that their assets are correctly registered in their names if they need to raise funds.

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To register a property and know-how to find title deeds, the seller must produce all previous records about the property used to create a sale deed. To put it alternatively, there must be a chain of documentary proof tracing a property's original owner and subsequent changes in ownership. A sale deed eventually becomes a chain link in the form of a title document.

Difference Between Sale Deed and Title Deed

A major difference between a title deed vs a sale deed is that a title is a concept, whereas a sale is always in documentary form, although one helps establish the other. Your sale deed is a title deed because it acts as a statement of your ownership over an asset. The sale deed becomes a title deed as soon as it is registered, as it serves as proof that you now own a specific property. The sale deed serves several purposes and is a statement of the property titles. A sale deed, for example, keeps track of the property's titleholders. If the property has changed hands several times in the past, the sale deed, for example, would contain every detail. However, there are no specific documents that can be referred to as a title deed.

Legal Difference

From a legal view, the difference between these two is that one is an agreement, and the other is a statement. The sale deed lays out all the terms and conditions under which the buyer and seller agreed to complete the transaction. This legal document, which must be registered with the sub-office registrars under the Registration Act, 1908, takes on the form of an agreement in its very nature.

This isn't the case with a title deed. The title deed is a legally bound statement that only pertains to the rightful ownership over a specific property, although it is spoken through a sale deed. The title deeds also spelt out the owner's rights and obligations. It's also worth noting that the sale deed is the legal document that transfers property ownership to the buyer. The agreement-to-sell document isn't given the same consideration.

Home Deed Vs Title Deed

When it comes to buying real estate, you'll hear many terms thrown around. Most people mistakenly believe that property deeds and titles are interchangeable, but they refer to two different legal concepts. You will have both the Deed and the title when you fully own the property thereby knowing the title vs deed house argument. On the other hand, a title is not the same as a Deed. If you don't know what you're doing, mixing the two can cause problems.

The legal term for owning a right to something is the title. In the context of real estate, the title denotes ownership of the property, implying that you have the right to use it. It could be partial or complete ownership of the property. You can, however, access the land and potentially modify it as you see fit because you have a title. You can also transfer that interest or portion of your ownership to others if you have a title. You can't legally transfer more than you own, though.

On the other hand, Deeds are legally acquired documents that pass ownership of property from one person to another. You do not require a title deed if you sell your property for less than the legal minimum. You will need to obtain a deed from the government if your property sells for more than this amount or if it requires any repairs, the government department is the answer to your where to check title deeds question.  A certified copy of title deed can be obtained by visiting the nearest registrar’s office. 

When it comes to selling your home, a house title deed is essential because it serves as proof. It demonstrates that you own the property and that there are no liens or other claims against it. It is critical to check the seller's name before selling a home so that potential buyers are aware of any liens or court judgments against them.

Different types of titles deed 

Warranty Deeds

The most important documents for companies to protect themselves from liability are warranty deeds. They are also important documents that their legal team must draft, review, and sign. Warranty deeds are used for a variety of reasons:

• To transfer ownership of a product to a buyer.
• To provide certain warranties to the buyer, such as a warranty against material defects or a service warranty.
• During strict contractual agreements to protect the rights of one party.

The grantor transfers real property owned by the grantor to the grantee in a warranty deed. The grantee agrees to do or not do something in exchange. In other words, a warranty deed gives another person an interest in the property's title deeds in exchange for the grantor's promise. Under this agreement, the grantee may be required to take possession of and hold onto the specific property until a specific event occurs.

Quitclaims

One of the most important legal documents you can file is a quitclaim deed. You claim property ownership and relinquish your rights as a tenant in this legal document. This document contains a description of the property, the landlord's name and address, and other pertinent, regularly updated information.

Previously, people who wanted to start over would use quitclaim deeds to document their separation from their previous lives. They've recently been involved in divorces and other property disputes. Quitclaim deeds are available in both analogue and digital formats. They could be created as a PDF or scanned into a Word document, then printed by the person who ordered them.

Gifts

A type of property ownership document is the land title deed. The bearer receives ownership of the property. The title deed gives the owner permission to occupy, use, and sell the property. Birthdays, graduations, weddings, anniversaries, and other occasions are good occasions to give title deeds as gifts. That piece of land would then become part of the recipient's property.

Pledges

A pledge is an act of transferring ownership of a property to another person. Depending on the language, different types of title deeds are used. Depending on the language, different types of title deeds are used. A trust deed is the most common type of pledge. A pledge is not the same as a mortgage by deposit of title deeds, which is a loan.

Chattel Mortgages

Chattel mortgages are home-purchase loans available to people who are not qualified for a traditional mortgage because of a low credit score or insufficient income. They can, however, make monthly payments on the loan, just like with other instalment loans. They are an invaluable resource for the registration of mortgages by depositing title deeds or refinancing your existing ones. More people have used arranged mortgages to purchase homes than traditional mortgages in recent years. These mortgages are designed for people who do not meet the minimum income requirements but still want to own a home.

Memorandum of Deposit of Title Deeds Sample

DEPOSIT OF TITLE DEED This memorandum relating to Deposit of title deeds is executed on ________ day of ______________ month of _____________ year by Sri./Smt.__________________________, S/o./ W/o.____________________________, occupation____________________, and aged __________ years, residing at________________________________________________________________ _________________________________________________________________ _. herein after called the MORTGAGOR. 

In favour of Sri./Smt.__________________________S/o./W/o.________________________ _, occupation____________________, aged __________ years, residing at________________________________________________________________ _________________________________________________________________ _. Herein referred to as the MORTGAGEE. 

Whereas, the term Mortgagor and Mortgagee, unless repugnant to the context shall mean and include their representative's heirs, successors, executors, administrators, trustees, legal representatives and assigns.

Whereas, the Mortgagor herein, is the sole and absolute owner of immovable property 3 bearing No.___________ known as _____________________ situated at morefully described in the schedule hereunder written and herein after called the schedule-A property. 

Whereas, the Mortgagor is the absolute owner, having acquired the property, by ____________________ 4 and since then Mortgagor has been in possession and enjoyment of the schedule-A property and paying taxes and levies thereon, as the sole and absolute owner thereof. 

Whereas the Mortgagee has agreed to advance to the Mortgagor a sum of Rs. ___________ (Rupees__________________only). The receipt whereof will be acknowledged by the Mortgagor under vouchers separately passed by him. 

NOW IN CONSIDERATION OF SUCH ADVANCE MADE OR TO BE MADE and for securing repayment thereof with interest thereon at ______________ per cent per annum from the date of such advance. The said Mortgagor has this______ day and is secured by way of deposit title deeds described in schedule-B referred to the property denoted in schedule-A hereto and it has been 2 agreed that the security deposit of title deeds be by the way of equitable deposit of title deeds documents about his title to the scheduled-A property in the place _________ a notified under Section 58(f) of the Transfer of Property Act, 1882 for repayment of the amounts becoming due together with any lawful charges, costs and expenses that may be incurred. 

SCHEDULE-A 

All the piece and parcel of immovable property 5 bearing No.____________ Measuring _______________ Bounded by:-

On the East: 

On the West:

On the South: 

On the North: 

SCHEDULE-B 

List of documents deposited with the Mortgagee; 1. 2. 3. 4. 5. 6. etc. The Stamp duty is paid as per Article 6 (1) of the Schedule to the Karnataka Stamp Act, 1957. 

IN WITNESS WHEREOF the Mortgagor has put his hand the day and year first hereunder written.

WITNESSES: 1. 

MORTGAGOR 2. 

MORTGAGEE

The above format is also the memorandum of deposit of title deeds stamp duty.

Do I need my house's title deed to sell it?

The response to this issue can be tricky, but in most circumstances, you may not require a title deed unless you are transferring your properties for an amount that is lower than the amount that is specified in the legislation. You will be required to acquire a deed first from authorities if the sale price of your property is greater than any of this amount or if any repairs are necessary.

Because they serve as proof, title deeds are an essential component to have when you are seeking to sell your home. It demonstrates that you are the legal owner of the home even if there are no liens as well as other complaints placed against it. It is important to check the purchaser's name before selling a house so that any potential purchasers are informed of any liens as well as court judgements that have been filed against the seller.

Commercial property title deed polls

A deed poll is a formal document that is used in the legal process of transferring land or property ownership to another individual. The signature of the legal document constitutes both the change of ownership of the property and the certification that the sale of the real estate has taken place.

Commercial corporations, their directors, and trustees who are the legal owners of commercial assets are eligible to submit the title deed of the property. They will be able to ensure that they are appropriately registered in the event that they'll need to raise donations for any cause thanks to this. Deed polls are used by certain business companies to verify that their property is appropriately lodged in their names in the event that the company ever needs to raise capital for any reason.

Title Deed Polls for Commercial Properties

Deed Polls are legal documents used to transfer land ownership or property from one person to another. The legal document certifies that the property has been sold and includes the ownership transfer at signing.

Advantages Of Using a Title Deed Poll

The use of title deeds by homeowners to identify a specific property owner is a common real estate practice. The following information is included in the deed:

• The owner's name
• Country and state where the property is located, i.e., where it is located
• Records of real estate taxes show the title to the property
• Anyone on behalf of the owner can read the description of the property

When it comes to legality and ownership of movable or immovable property, different aspects help determine the ownership. A title deed is one such agreement that is legally binding and it is important when a seller is transferring the ownership of the property to the potential buyer. Understanding all the legal requirements for buying and selling property can be tough. If you wish to consult real estate legal experts at NoBroker, you can do so by commenting below this article so that our executive can get in touch with you. NoBroker’s legal experts have enabled thousands of house owners and they have vast experience in explaining every step of the process.  

Frequently Asked Questions About Title Deed

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