Legal Definitions - title transaction

Definition: A title transaction is a legal process that affects the ownership of a property or land. It involves the transfer of ownership from one party to another, and it can include buying, selling, or transferring the title of a property.

Examples:

• Buying a house: When you buy a house, you are involved in a title transaction. The seller transfers the title of the property to you, and you become the new owner.
• Inheriting a property: If you inherit a property from a family member, you are involved in a title transaction. The title of the property is transferred to you as the new owner.
• Adding a co-owner: If you want to add a co-owner to your property, you will need to go through a title transaction. The title of the property will need to be transferred to both you and the new co-owner.

These examples illustrate how a title transaction can affect the ownership of a property or land. It is important to understand the legal process involved in a title transaction to ensure that the transfer of ownership is done correctly and legally.