A limited title indicates land that has not been examined by the Land Registry Services (LRS), and the land has not been adequately defined via a survey. This limitation can be removed by providing a plan of the land survey. However, different issues can arise if a person wants to buy land with a limited title. For example, if a person needs to take a loan on the land, then he will need to submit a survey or an abstract of the title. Moreover, many banks may not want to lend money for limited title land. In this case, if limited title property, there is an additional cost and efforts needed to be given by individuals to satisfy the lender needs. n this case, there is a chance that a particular block of land may be on someone else property.
There are two kinds of titles available for properties such as limited title and qualified title. The limited title is different from the qualified title as in the limited title, the title of the land has not even been adequately surveyed. On the other hand, there are two kinds of qualified titles, such as the Torrens title and the Old System Title. In Torrens title, the interest of the individual is absolute. However, in Old System Title, the owner must be established on the basis of different systems. However, no such privileges are present for the limited titles. Although the status of limited title can be removed by providing a plan of survey, still it is high time and cost-consuming.
The limited title has some uses in the real estate sector. Limited property is a good alternative. Many people associate it with real estate. It provides an alternative mode of owning a property. Few banks even provide loans on these properties. However, there are still issues with some basic requirements that must be present at the time of purchase of an asset. However, there are additional costs associated with it, and Oftentimes banks may not be willing to provide any loan to people who have limited properties. Thus, if a person has adequate capital, then he can opt for this kind of property. In this case, the person will also can get an abstract of the survey document. Thus, it can be said that a limited title is flexible to some extent.
