What the heck is a title and why do houses have them.....

Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest.[1] The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. In many cases, both possession and title may be transferred independently of each other.

I got this information from Wikipedia

You must always verify that you are recieving clear and marketable title to a property. A title company will help you with this.

Thanks for the info.

Everything has a title. Cars have titles.

First let me say welcome to this DG.com website. When you want to check for a clear line of title you will contact a title insurance company and ask them for a preliminary title report on the property in question. It will basically tell you if there is a clear line of title and check for any liens and encumbrances that may be attached to the property. You do not want to get stuck with unknown items and you want a chance to clear things up if possible. Other information about the property can be found also in the report. I use to work for a title company as a reconveyance clerk and it is very interesting to learn about the history of land and property and how it is passed on. Its fascinating. I also pulled info from a web search as follows.

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of the U.S. land records laws. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] The vast majority of title insurance policies are written on land within the U.S.

Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash (without a lender) often want title insurance as well.

good luck.

So often I have wanted to post a question and I didn't because I did not want to sound un-intelligent. There are people on this site that will answer your questions. We do ask questions to learn and to be a part of the family. You said in your profile that you are young and I see that you are brand new to the site and just getting started. Ask away because that is part of the learning curve. It took me a long time to setup my profile and to find my way around and start posting, so I think you are doing good. You can update and add to your profile as you go along.
Good luck and Happy Holidays!

No question is stupid...stupid people don't ask questions...As far as research goes..yes maybe it's true you can find it online but nobody forces anyone on this site to take the time to respond politely. It's a choice you make..and no one can know all the answers. We should feel free to express our fears and concerns. Title can be very complicated so it's always good to know a person who does title work in this business. Even title people can make mistakes which is why we get Title Insurance. When I was an REO Asset Manager, I frequently saw cases where the title insurance companies paid off due to mistakes. It's a serious thing for sure and should not be taken lightly.

I am available if you ever need to converse

I appreciate the reply.

To prevent something like this we all should keep a dictionary close by. I have a huge dictionary and I also spend a few minutes a day on www.dictionary.com because sometimes I forget how to spell a two letter word. Yes, I said it and it's true. So, what, so what if someone criticizes you and make fun of you. It's better to be stupid for a few seconds by asking the question rather than be stupid forever and not ask. Keep a dictionary close by and DO NOT BE AFRAID to ask QUESTIONS. Questions lead us to where we need to go. Don't be afraid to go where you want to go. God bless.

We are only human beings. We all make mistakes, and ask maybe stupid or strange questions in the eyes of some people. But you are OK. Don't get upset with people. Don't get discouraged, either. Ask your questions when you need. I believe you'll succeed. I'm stupid with computer, too. I understand how you feel. But it will be helpful if we try to search google we will find things which we don't know they will be there. I'm new, just like you. Be Positive, Head up! You're not bad at all.
Just like we make mistakes, so will other people. When we make mistakes we want other people to forgive and forget, so we should do the same thing to other people when they make mistakes or say things wrong about us. Everyone makes mistakes. Everyone says or asks stupid things. Be courageous and have faith on ourselves. Let alone this is Christmas season. Christmas is to give, to love, to forgive, to help.... Happy Thanksgiving to you and Merry Christmas to you, too.

Have you offended someone again. Must I send you to your room without a cigar and glass of cognac. So glad I didn't jump in on this one.

To the newer students: Michael and Elix have a ton of knowledge and when you get the chance to pick their brains...DO IT. Just make sure the question you are asking hasn't already been asked 500 times before. That will save a lot of angry posts after.

To David, I was once where you are, and trust me when I tell you have not got a post beating compared to the verbal lashing I got years ago from Matt. We have all been there. It is just your turn now. Elix and Michael are right. This is a cut throat business and don't think for a minute that there isn't someone out there that will sell you down the road for a penny. But stay on this site, ask questions, read and read and read and take notes.

Much success to you all and Happy Thanksgiving...Jan

Thanks! Humor is exactly what we need but no need in depriving Elix of his cognac and cigar. I think he and I both feel better. David has been with us less than a month and he is young. The younger ones always seem to do better and pick up on things quicker than us oldies but goodies.

I can't begin to tell you how discouraged I get sometimes but I will just keep trying to get deal.

Your time will come, probably when you least expect it. The key is to never ever give up. Stay the course. Trust me when I say that Jeremy and I are very, very active in REI and there isn't a day goes by when we don't get our nose bloody. It is the nature of the beast, but the more you beat me, the stronger I get. Stay true to yourself and your dreams and success is for sure...Jan

Chill,
Thats just how Elix and Michael are. They speak from a lot of experience, so if you listen to what they have to say, you will learn. If they criticize you, learn from it if you can or take it in a stride. If they have an informative comment, learn from it.

I sorta had the same feeling when I first saw these guys' comments. I think I remember having comments like this from them directed at me, and I was like Whoa!, take it easy! What's your problem?!
But since then, both have been a big help to me, and I wouldn't hesitate to ask them for help on something serious that I can't handle without someone else's much more extensive knowledge.
David, wish you the best!

RENinja

I appreciate it.

you're going to be fine.

What I would do is not go for a realtor at this point; I would think you would be better to find a FSBO or a For Rent property(s) to work with. Looking around college towns might be your best bet for sure.

I think perhaps dealing with realtors, and me being one, I can tell you, that it might be more time consuming or futile, if you're new, working out something new to go to fruition.

Like Jan said, things will happen WHEN you close your deal and because you have tough skin(there goes that word again), you will be able to weather the hard times.

Good luck to you, and i'll send you some cigars and a nice bottle of Chivas Regal to celebrate the first of many.

I need multiple streams of income and think fsbo is best. If I am going to buy and hold I need the ugly house in a great neighborhood that is not a listing and has equity. When I find that I have found a Money group that will fund it. With a fsbo I can negotiate seller financing. My goal is to get a group of homes in close proximity all cash flowing and let the tenants pay them off for me.

I think that is the only thing that is going to save me as we are going into a triple dip and a commercial crash is about to happen. I think it is going to be 20 -30 years from now before things straighten out with the economy.

Maybe we can sit down together and have that drink. I will bring you cigars and you bring the liquor.

Thanks for your input. I do believe Elix and I have worked this out.

It takes time to develop the relationship and find the right one. I did my best to follow Dean's instructions but I think I told too much about what I wanted to do and it did not sit well with the agents. There are an awful lot of details to work out in this business but I love real estate.

Bring the wife along. She probably needs a break and would enjoy seeing another part of the world. I have wanted to visit the big apple since I was a little girl and wanted to see the sky scrapers. I would have to get a pet sitter that is Avian qualified. And oh my, How things have changed. There is so much more to see than sky scrapers now.

I think you have a good attitude and you are going to do well with REI. See if you can find a Real Estate Investing club in your area too.

Someone has to bookmark this so next time someone gets offended at Elix and/or Michael, we can just point them to this post, instead of having to explain this all over again, lol!

RENinja

The starting of my own website idea is actually a good one.

Something I find very interesting - A man -Jan- used humor to discipline you and send you to your room without cigars and cognac and that was ok. But I come along - a woman and pick up on that talking about sitting down together for a drink and what happens? I need to clarify that I was not trying to come on to you. It is all business and my interest is in conversation to gleen some of the knowledge that you have. Its all about learning and REI business.

While I am admittedly not too bad on the eyes, I have no illusions about anyone openly hitting on me from this or any other site so blatantly.

LOL. Just in case you didn't see, here it goes again,.....LOL

Looks like I hit a nerve. So sorry. Forgive and forget please and I am going to stop now. Take care now.

Guess I wont be asking you out to dinner. Could it be total misinterpretation?

Michael Mangham
MD Home Acquisitions LLC

But if you want to take me to dinner, do understand, I don't come cheap

L......O......L....