When it comes to property law, a title is an incorporeal construct that essentially describes a bundle of rights that are associated with a property. This bunch of rights is consequent to the ownership of the property in question. A title over a particular property can be obtained by transfer of such property by means of a sale. Here, transfer of title takes place along with transfer of ownership. A title can also be obtained through the operation of law. This basically means that title may be transferred in the advancement of a will or testament. Now, a good title virtually refers to the ownership of a real property that comes without any claims, or interests. These properties can then be sold or transferred without any encumbrances.
In simple terms, a good title can be used to describe a piece of real estate property that has no liens or claims hanging over it. It is free from any impediments related to ownership rights, or interests. A property having a good title can also be efficiently used as collateral to secure any loans that the owner may want to acquire. Here, the owner can put up the property having the good title as security by placing a mortgage on the property.
In terms of real estate, a good title is a condition that suggests that a piece of real estate property has no anchored burdens, interests, or claims on it. When real estate agents are in negotiation with potential home buyers, they are obligated to disclose all relevant facts in relation to the property in question. Even if such a property is burdened with claims and encumbrances, it is the duty of the real estate agent to divulge such information to the clients. It becomes highly unlikely for any client to further approach such a real estate deal owing to the burdens it comes with. Now, if the property in question has a good title, it means that the property is completely free of any defects or encumbrances. This allows the property to be sold faster and more easily.
A good title is one of the fundamental conditions of any real estate agreement or purchase contract. This makes it essential for any seller to produce a good title in order to successfully complete a transfer of property by sale. In the real estate industry, having a good title means having a marketable title which in turn makes the process of sale uncomplicated and easier.
