Do not pass GO, do not collect $200.00! Yes, Title & Deed are not the same! Title SPLITS ownership and can distribute the "sticks" with OTHER parties! Slaves (Tax Payers) can not own property! If you are paying Property Tax, you are not the property owner, the State you pay Taxes to is the OWNER! You are Tenant! If you doubt me, Stop paying Property Tax and see who will take the property from you! When you OWN a property, you don't pay tax on it.
Are you kidding ? I don't understand. My wife and I are so pissed. Paying taxes on property and a house with no f$cking title. I hate the real estate business.
My wife and I decided to transfer our assets into a trust years ago. The lawyer who handled our trust told us to use a quit claim deed to transfer our house into the trust. We later learned that this was not the best way to do that. Over the years I have found that just because a person has passed the bar, that doesn't guarantee that they are good at their job.
Never trust a bar guild member, they are foreign agents that owe their allegiance to the bar guild and the court, not their client or the constitution.
CAUTION ! I am a Professional Land Surveyor (CA) and have dealt with title reports & title companies extensively for 45 years.....something has changed with these companies in the last 15 yrs (out here in California). Perhaps because California is such a sue happy State? But read the fine print (which takes ups the last 8 pages of any title report) and it endlessly lists everything they 'claim' they are not liable for (including many types of errors in their research, or lack thereof). We have found the quality and reliability of many of these companies taking a drastic downturn. More common - is now the title company will hire a Land Surveyor to do an 'Alta Survey' and base their report on this 'Alta Survey' so as to stick the Land Surveyor with the liability for any errors regarding title, encumbrances, easements etc. Find a title company with a solid reputation and don't automatically go with whomever the real estate agent uses out of habit.
Thanks for this info! Do you have any tips on how to find the most reputable title companies in a given area? Where the area is potentially new for the buyer and no relationships exist?
Came here to say this! I worked for a land surveyor in AZ who refused ALTA surveys because of what you state above. At some point it just seems like title companies just take a chunk of money to process the sale, and shift any burden of liability to a land surveyor, counting on their claims of things they are not liable for to "protect" them.
Amen to you brother. I am a land use and risk consultant, also in California. I am often tasked with deep dive research into property development histories. I have found lots of errors and omissions in title reports, fully disclaimed away by the fine print. Unfortunately, these are often found during litigations, when it is too late to resolve them painlessly. Pick a Title company with a 20 year history, and maybe do a second opinion report if there are any doubts. A good title report costs about the same as a good Home Inspection.
That's why all you guys make those big bucks! Okay, just kidding... The Real Estate lobby is so powerful and well represented in state legislatures (with lobbyists) that they have engineered getting more money with less liability.
@@DrAlexCullison Wish I had made the 'big bucks' ....dang! Here I am, old & burned out, living on SS. I was naively just the tenacious research person, lower on the staff pecking order....my employers made the 'big bucks' ( I heave a sigh ). I got so burned out from dealing with the deaf & the blind, I threw in the towel and abruptly left. I've spent the last year just sleeping to recover from the eye strain, constant emails and chain smoking (while researching). Sort of feeling like 'Rip Van Winkle' today. I don't regret leaving - so that says something?
Great video...our home is a mobile home, and we only get a title for it, but we have a deed for our land. An advantage to this is the property taxes on the home are low because it's taxed as PP instead of RP. We essentially live in a manufactured rancher that's taxed at the rate of a fancy camper, less than $300/year. I can't complain!
@irenerosenberg3609 okay, thanks Irene...because the mobile home can technically be moved, even though most are never moved once they're set. I get it now. A house is actually attached to a permanent foundation, while the mobile home is only anchored to footings.
One thing to add in some state the MH is registered. So expect to pay a year registration like what you do with a boat or a car. Next, some times it's harder to get insurance if you have a MH if you think you might want one. Home and MH/ManufactorHome insurance can vary. I for example pay under 1200 for home insurance here in TX but in Florida. 12 years my MH insurance was like 2700 dollars per year. Lastly, if you want to leverage you land for a loan, a lender see a pieces of real estate with home on it less of a risk.
The word “indeed” must come from “deed”. We use “indeed” to emphasize something, and in a very real sense, the “deed” emphasizes your title to the property. Indeed an excellent video, thank you!
Or, perhaps more like, as 'electronic mail" morphed into "E-Mail and e-mail" into "email" it is simply a contraction of the phrase "in deed" as in "in deed, in fact and in truth".
i was thinking the same thing...though..now that i'm dwelling on it...i suppose it could also come from "deed" as "action". such as he's a nice guy in word and deed. or maybe both of those are related too, but they seem so basic i'm not sure i could guess which came first (if related at all)
"Title" = Complete ownership of a certain type of property. "Deed" = Deeded Rights to that property under certain conditions outlined in the Deed. As far as Real Estate is concerned the person who owns the Deed is not the owner of the property and never can be, ownership always belongs to the government which issued the Deed. If someone would like to test this concept out they can always just refuse to pay the property taxes on the property and find out how long it takes the local government to remove that property from you and issue the Deeded Rights to someone else who would like to pay the property taxes. Being the "Deeded Occupant" of a property is not the same as being the "Owner". The Government is always the Owner.
@@bluesky6985patent has a different function. Patent isn't ownership of an item but of a design (idea). Copyright is ownership of a different type of idea than patent. Patent and copyright give the owner(s) of those ideas monopolies for a limited amount of time.
@@BillySBC You missed the entire point of this video. The Deed is the legal paper document that evidences and identifies the owner of the property. Title is the concept of ownership of the property. I don't know where you get this idea that ownership always belongs to the government which issued the Deed. This is simply not true. Nowhere in the video is this mentioned. If what you say is true, then when I bought my house, the seller was the government. Using your logic, there would be no sellers of real estate other than the government and every purchase of real property will be between the government and seller and the buyer as purchaser. This is simply not how it works. I assure you that a private individual sold me my house and that the private individual from whom I purchased had no governmental ownership to deed over to me. The scenario you describe where you refuse the pay the property taxes, will result in late fees, and accrued interest for failure to pay the property taxes. The county in which the property is located governs the collection of real property taxes. Failure to pay real property taxes will eventually end up with the county slapping a lien on your property and, after going through various administrative processes, will eventually seize the house and auction it off to recoup the unpaid taxes. But the county will give you ample notice and opportunity to pay the property taxes before essentially foreclosing on your home to recoup the unpaid taxes. The power and authority of the county to sell your house in foreclosure does not mean "the government is always the Owner." Think of it this way -- if you don't file a tax return and you don't pay the IRS any income tax due, they can file a lien against EVERYTHING you own and unless a resolution can be found, the IRS does have the power to seize your real property, personal property, freeze your bank accounts, etc. But just because the IRS has that power and authority, it does not mean that my paycheck come comes from the government. My opinion, worth what you paid for it!
@@BillySBC What if you interpret the property tax as the payment to the right of using the infrastructure that your house uses, such as the roads, drainages, electricity wiring, etc.? If you don't pay the tax, your house is seized as collateral against what you owe in tax. So, in reality, you do own your house.
Very interesting! As a real estate investor, I have purchased and sold quite a few properties over the years, and I've never heard such a simple explanation of these two terms. Thank you!
@@TheRealEstateLawyer Would love to see a "crisp" video on avoiding and fighting back after title fraud occurs... MOST of the videos on the subject are substantiveness and without solid recommendations !
@@TheRealEstateLawyer when we get a deed for tax-forfeiture property from the government - is that also a "quickclaim deed"? And so how is it proved the entity conveying the deed actually owned the property aka had title? You say bankruptcy court - the proves they didn't LOSE the property. I watched some "sovereignty" couple claiming they didn't have to pay their bank mortgage since the bank deed didn't really own their property or something like that. hahaha.
@@voidisyinyangvoidisyinyang885 - *1)* There is no such thing as a _"quickclaim"_ deed; it's a "Quit Claim" deed - i.e., one person "quits" all of their "claims" to a property. When you purchase tax foreclosed properties you would typically receive a *"Tax Deed".* The exact type of deed may vary depending on which state you live. *2)* Proof of ownership that the entity conveying the deed actually owned the property is established via the *title search* process which is done by the title company as part of the real estate sale and closing. All real estate deeds must be registered with the county register of deeds, and as such a continuous record of registered owners is established. If Johnathan Doe is the last person who has recorded a deed for this house, and he is now about to sell the house to you, all that is needed is that he provide proper I.D. at the real estate closing showing that he is indeed Johnathan Doe. When the county forecloses a property for nonpayment of taxes, even the county then has to register that judgment of foreclosure with the county register of deeds. *3)* Needless to say, "sovereign" legal defenses never work because they are not on solid ground. If a bank has paid the $300,000 to purchase the house on your behalf, then *yes,* the bank has ownership rights to the property and you are legally liable to pay the bank back for the money that they put up to purchase the house - and you are liable by virtue of the *contract* that you signed with the bank.
When it comes to Real Estate the government that issues the Deed is always the owner, you are just signing a document that imparts certain Rights and certain Responsibilities as well, but the government is always the owner. Should the day ever come that you are unable to pay the property taxes then you will find out who the actual owner of the property is. Should the day ever come that the government needs the property to run an interstate highway though you will find out what "Eminent Domain" means. The government is always the owner, you are merely the occupant who has been granted or "Deeded" certain rights to the government's property.
What a great video. I like the "Easy Talk" way you explained the different between the Title and Deed. No tough girl lawyer talk.... Nice and easy to understand. Thank you.
@1:20, Title refers to owning all the bundle of sticks ( interest). A better explanation as to what is a deed: a deed is a written document that spells out the what, who, and how the real estate interest is conveyed- (what ) bundle of sticks; (who ) is the person owning the bundle of sticks), (how ) that bundle of sticks is owned.
So then every piece of property has two documents, a Title describing what a piece of property is and a Deed stating who owns it. The Title states assets only, one does not 'own' or 'poses' a Title. The Title is the 'definition' of the items in the Deed. Is this correct?
You may have the deed, but your right to use your property may be restricted by easements, for example. I've seen homes where the public had the right to hike throught the backyard or walk through to get to a beach.
If a mortgage loan is obtained for the property purchase, there will be a deed of trust that will be recorded. This is a security interest that states that the buyer will repay the loan and the mortgage lender will hold the title to the property until the loan is paid in full. Upon the final payment of the mortgage, the buyer will get a release document saying the property is paid in full and the title and deed, which will be recorded with the Register of Deeds.
unless you have a LAND PATENT and ALLODIAL TITLE . .. then the land can't be used as collateral . . . because of the land patent . . .. . . .do you see now how the banking structure could be more fragile ; )
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I am a CPA who gets involved in that I record the transactions on the financial records. We purchased property that we found was not owned by the party we purchased it from. We went to the title company who admitted they only do a surface review. They had little confidence in their own process. However, they reimbursed us for our loss. They said they do thousands where there are no problems. It is not cost effective to do a detailed, exhaustive search. They just pay out the claim when failures occur.
The banking system takes the same approach when clearing cheques. They dont check the signature or the payment instruction of each cheque as is their duty. Its a cost benefit approach, its cheaper to pay for errors than to check for errors.
@@Finderskeepers.Actually most banks now have stipulations in the account agreement saying that they don’t have to check for indorsements and if they make a mistake you’re liable for the loss.
But there's two kinds of titles; allodial title, and split title where the buyer only gets the equity half title while the state retains the legal half of the title. Allodial titles are absolute ownership and can't be taxed, leaned, or regulate it's use.
@@waylonmccrae3546 The last time I dove into it about a decade or so ago, the last two states that were still doing allodial titles was Nevada and Texas. But Nevada stopped years ago, leaving Texas as the only remaining state with allodial titles. Now as far as I understand, you can get a federal equivalent of an allodial title by applying for a federal land patent. If I remember correctly, you have to make a one time tax payment equal to a number of years of taxes upfront. From what I understand, thus is the route oil drilling companies go to secure absolute ownership, including mineral rights. There's no mineral rights in split titles because you lack the legal half of the title. That's why you're typically referred to as "Tennants in Common" or something similar on split titles.
A Title is like a University Transcript and a Deed is like the Actual Diploma. Title is what you should have and the Deed is the Physical Proof that it's yours. (A Title is like your Social Security Card and a Deed can also be along the lines of a Physical Birth Certificate)
Wrong a deed does not indicate ownership. It just conveys an equitable interest in the property. Go look at your deed no where on is does it stat you are the owner. You are a resident or a tenant.
@@terrybelden876 Oh boy, I thought BossRoss had explained it, now I'm really confused. And I've bought multiple houses and pieces of land through the years. What on earth is going on?
@@plumbthumbs9584 what is going on is fraud, identity theft. It all started after the civil war. The corporation that is masquerading as government, has had over 100 years to perfect the fraud they are committing against we the people. The real estate scam started around the time ww2 ended.
"There's nobody that can really tell you what to do with the property..." - Except the HOA, the city, the county, the zoning board, the EPA, the BLM, the neighbors, and every level of law enforcement (city/county/state/federal). Yeah. Freedom baby.
That’s right. They tell you that you can’t harm, annoy, or nuisance others with your property, because most humans, like you, are probably really animals if left uncontrolled. You may have missed the Civic classes when you skipped school.
Yeah, good points. Of course, if you are in a HOA, you get what you deserve. As for the rest, everyone should be allowed to make their own laws for the land they own. Are you really that dense?
A girlfriend of mine is the administrator of an estate and a beneficiary of the real property of this estate. The Will required the administrator to correct any environmental problems or perceived problems found on the property. Funds of the estate were expended to do this, although she did not have a deed. The Orphans Court ordered her to pay the money back to the estate, claiming it was her property, and that she had to take the property as it was at the time of death (an environmental disaster) although the probate has not been completed and cannot be finished until she receives a final tax return of the deceased.
Great Video ma'am, I have the physical Deed, and there is only one, and it's a unique document (one page, side 2 printed in the inverse, with other security measures embedded within the document..."tangible" proof! ) that can't be copied!
I though there are two copies or two identical documents for a property Deed. One resides in the County Clerks Office and never leaves there. The other is supposed to be held ( in a safe place) by the owner of record. They have to match etc etc.
What they often do is file a fraudulent deed. The filing of the deed creates a crap show to get clean title back. Just because they file doesn't mean that they have valid title to the property. Much rarer is taking the property via adverse possession. If they do adverse possession right they can file with the courts to have the property titled to them. The first is illegal but adverse possession is legal. Adverse possession, however, does require that they openly use the property.
@@kendallevans4079 yes, that is how squatters try to get it. However, you have to be doing it blatantly and openly. If the owner has no knowledge because you're always sneaking around and hiding when they check on the property that is not adversarial enough for the courts.
@@ianbelletti6241Thank you. I use to own a mountain/vacation cabin and worried about that. Fortunately, I had great neighbors and nothing bad ever happened
I totally get it now !! because I’ve heard in family/marriage horror stories where the line, “just give me the deed to the house and I’ll leave you alone,” or something along that being used so I thought I’d look it up to find more info because I have heard title being used as well.
In general (and every state may have a slightly different answer): the issue of squatting is an artifact of various laws, primarily rental laws, that aren't really designed to permit squatting, but are designed to protect tenants. Combined with the law of adverse possession that have a different focus, and there are edge cases that really stand out. As for eminent domain, the concept is simple. All rights of ownership descend from the sovereign and no title can stand against the sovereign. Eminent domain is the process (in the US) where the sovereign says "we need that land back, here is your money".
"Title" is the concept of legal ownership of your home. The deed is the physical document that names you and your wife as the owners. "Title" (the concept) to your house is evidenced by the "deed" (a physical document). Depending on which state you live in, it could be called a "grant deed" or a "statutory grant deed" or similar. These documents are recorded in the public records of your local county recorder. This is not to be confused with a "deed of trust" or "trust deed" which is a document that shows that you have a mortgage on your house. You can go to your county recorder and have the county recorder pull a copy of the "deed" that should have been recorded with the county recorder at the time you bought your house. Many county recorders have robust websites where you can get a copy of the "deed" right off their website. Some county recorders will do this for free, some charge a nominal fee. If you bought your house 3 years ago, did you go through a real estate agent/broker? If so, ask them to provide you with a copy of your deed.
@@valeriestevens5250 If you had a mortgage on your house that you paid off, the lender should have recorded with the county recorder in which the property is located a "deed of reconveyance". Once recorded, the copy that is date stamped by the county recorder will be mailed to you. This document is evidence that you paid off your loan and that there is no longer a mortgage on your home. Contact the lender to make sure that this happened and ask them for a copy of the "deed of reconveyance." You can also go to your county recorder's office and ask them to provide you with a copy. This information is public record so it is easily available if properly done by your lender. Many county recorders have websites from where you can get a copy of this document online. Some county recorders will do this for free online or for a nominal fee. If you know a local realtor/real estate agent, they have the tools to be able to get a copy of the deed of reconveyance. Hope this helps.
@@laguna172 This is very helpful! Thank you so much. Can any realtor/real estate agent in the state help me, or does it have to be one from my county? My nephew is a realtor in Orange County California and I live in San Bernardino County, CA. My mortgage was with Bank of America. Thank you for any help.
@@valeriestevens5250 Any legitimate realtor can do this for you, no matter where the property is located and no matter where the realtor is located. EXCEPTION: Not all county recorders are up to date with their online technology and may not have online search capabilities but this is typically only in smaller rural areas. Your Orange County Realtor nephew should be able to help you if you're looking for a documentation for property located in San Bernardino County assuming San Bernardino County has decent online technology.
I liked this one. It was informative. What I would like to know is how can a business that previously owned the property Deed the property so that a competing business can't use that building or property for the same kind of business I,e, grocery store. Right now in Waco,TX a grocery store put a Deed on a property that they never owned so that a competitor couldn't build on that property. I don't know if they bought it just long enough to put a Deed on it and then sold it. Some of the buildings on the property had been there since WW2 and were still in use.
Those are the laws and regulations to make lawyers happy. I bought properties in Thailand and in Thailand you don't need a lawyer or any other blood sucker. There is the Land Department, a government body, which registers all legal matters about the property. Everything is done on the spot and doesn't take more than an hour. The Land Department issue a title deed and the property is yours. Guaranteed by the government.
Very subtle difference, but for a lawyer not so subtle. If you own a house you have a deed with your title on it. If you don't the bank hold the deed until you pay the bank mortgage then you have both
Thank you. You may cover this point in another video. In WA state when a typical RE transaction is done the title insurance protects the bank's interest. As the new homeowner you should ask the title ins. company for added coverage for yourself. Need to watch the details.
In WA state (and pretty much every state), if you buy a house (or any real estate) and you pay for it using cash and funds from a home loan, you will buy as part of the purchase process, an owner's policy of title insurance which protects your ownership interest in the house. The lender will buy as part of the lending process, a loan policy of title insurance which protects the bank's interest in its collateral (your house). So, you are correct, title insurance does protect the bank's interest by virtue of its loan policy of title insurance but your ownership is insured by virtue of an owner's policy of title insurance. So two (2) policies will be in place at closing. One for you as the buyer/homeowner and one for the bank/lender. You cannot add yourself to the loan policy of title insurance as an additional insured. The lender cannot add itself to your owner's policy of title insurance. If you buy real estate and pay for it 100% in cash with no financing whatsoever, only one title policy will be issued -- an owner's policy of title insurance protecting your ownership interest in the real estate. No banks are involved so no other title policies are issued.
Great video for the average person. I’m in the process of purchasing an off grid property which has established ownership history as well as an easement to access the property, and the realtor I’m going thru is wanting a quit claim deed since their preferred title agency underwriter won’t sign off on the realtor’s proof of easement.
Unless you’re going to live there until you die and pass those problems on to your heirs I would think twice. Hire a real estate attorney to research. Sometimes a recorded instrument takes more than the casual research some title companies do. You could end up with a landlocked property with no access. The Realtor isn’t an attorney and is giving bad advice. I’m a Realtor myself and he/she should know better than to give a legal opinion. A quit claim deed is easily challenged.
@@Icutmetal the owner could, if they are on good terms ask to ‘update’ the agreement perhaps? If it’s challenged some states have laws of continuous use which would make it of record. 🤷♀️
Hi. Thank you for the information. I'm in Colorado. Garfield County. We bought the property in 2013. I have a neighbor saying he has a deeded easement to ingress and egress that's still valid. The easement was perhaps part of the land 50+ years ago when the land was owned and subdivided differently. He has been using the other established means of ingress/egress since we moved in (2013), and since he moved in, in 1999. Then one day in 2019 he decides to come barging through my property and claim he was using his easement right. He tried to do this to the previous owner also, and threatened court and then withdrew the case the day before trial...that was back in 2008/9. The easement was not recorded in 3 title transfers about 40 to 50 years ago. Many years later, after those prior owners were moved away, this neighbor asked them to sign a Quit Claim deed conveying the easement to the current owner (my neighbor). Only 2 of the 3 owners who transferred title signed the quit claim forms that were provided to them. Does this help me? Is it valid for lawyers to ask prior owners to do that? I think the easement being left out of recorded deed could have been on purpose. Or even if not, it went through 3 transfers in a row without being documented on the titles. Would you be able to help or guide me? I have some money but but not enough to hire a lawyer fully. Thank you! Andy
I think it’s confusing because if you own your car outright, you have a physical piece of paper called a title. But with real estate that same document is called a deed.
I agree. Looked up the terms and the article said that the term 'Title' is 'conceptual' but that a 'Deed' is the physical instrument that proves ownership. Kinda like a title you are given at work for your position. It is your job title but you do not 'own' it. Understanding that, I still don't get why we are not given a deed instead of a title when purchasing a vehicle. Is it because one could steal someone's vehicle title and still trade with it? Makes no sense as ownership is trackable with the VIN # which is on the title.
I belive A vehicle title is a contract threw the state which it is registered , a singed bill of sale is legal ownership, if you go to , ( cornell law ) and look up ( 49 us code 33107 ) i think the title is why they can tow your car when ever they want to.
Even that isn't quite accurate. The different types of deeds might or might not say that you own the property. A combination of deeds (including trust deeds, which replace the mortgage documents in some states) adds up to describing who owns the property, or part of it, etc. Instead of a Quitclaim, with auto title you can just sign a release of responsibility, right there on the same document. I used to do a lot of closings, and 100-150 pages for a home with a loan, are typical. Some pages are deeds. With a car, it's all there, thankfully, on one document. 🙂
We purchased our townhome for cash a few years ago. Should we have the original deed and/or title in our possession or would it be on file maybe with the county?
Whoever holds the title of the property, you paid in cash for should then give you the grant Deed, you having met the terms of sale, so you own the property, you should receive the grant deed. Having possession of such document is not the final step. YOU need to bring this document to the county hall of records & pay a sm. fee to record YOUR name to the Deed. (in other words you record the grant deed in your name, no one else files it for you, it's official after you do it yourself)
I came back here to say...FOR IRONLAND!!! Please support us! 🗜️(Pretend this is an iron emoji because I thought there was but cant find it) PS: great video! ❤ PPS: sorry us residents of Ironland are flooding your old video's comment sections. We just really need your help to make it legally our place! 🙏🏻
I know I've owned my home for well over ten years now. So should I have a physical copy of the deed in my possession, or is that kept by the city/county? Thank you.
You need to get the deed in your possession, then you need to take it to the city/county recorders office & have it documented & registered as yours, no one else can do it for you.
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Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
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You never mentioned the: Grant Deed, The Sheriff's Deed, The Tax Deed, The Warranty Deed. When you have the Grant Deed you have all the rights to that property and the right to sale, convey or encumber the property to whomever you desire; So the mother of all Deeds is: ta-daaa- : the Grant Deed!
1:49 So the Register of Deed is the physical Title in the city hall depository of current land 'ownership' within the city limits. Is a current Deed a part of the history of past land transfers of a specific land tract like a paper trail of previous owners?
So if I have full title to the property, I don't have to pay property taxes? I equate property taxes to a form of rent to the actual owner, the county.
Property taxes are not rent. They are a fee that land owners pay to their local government for publicly shred services. You don’t get the right to opt out of the fee just because you don’t like or don’t want the services.
If you had full title, then yes , you wouldn't pay taxes. Problem is you don't have full title, called allodial title. Good luck getting it, very rare these days. The bundle of title sticks are rarely kept in one name, several different owners of the various sticks .
@@spencerhansen8374 OK, you just mentioned a titling scenario that’s so rare no one has ever heard of it. But I don’t know what I am talking about? Nice try pal. Taxes are not now nor have they ever been rent. I worked in commercial real estate for 18 years. I handled RE tax payments for dozens of commercial properties. Go take a class…
Title is a form showing shared ownership between a home buyer and mortgage lender and a deed is a note of unliened ownership. But in other areas of ownership like vehicles... titles can play bothe roles just depends on who's name is on it
@@keithwisdom1663 a deed is not the same thing as a mortgage satisfaction letter. I have the satisfaction letter. I want to know if I should also have the deed. FYI, A person can have a mortgage and NOT have the deed to a property meaning they are paying a loan on a property that is not theirs. Property belongs to the parties named on the deed. The LOAN belongs to the person named on the mortgage.
No frills no fluff, just straight to the point and simple for anyone to understand. Well done. Thanks for sharing.👍
Exactly our goal. Glad you enjoyed
I looked up the definition of ''bundle of sticks'', it describes the current admin pretty well.
Do not pass GO, do not collect $200.00! Yes, Title & Deed are not the same!
Title SPLITS ownership and can distribute the "sticks" with OTHER parties!
Slaves (Tax Payers) can not own property! If you are paying Property Tax, you are not the property owner, the State you pay Taxes to is the OWNER! You are Tenant!
If you doubt me, Stop paying Property Tax and see who will take the property from you! When you OWN a property, you don't pay tax on it.
@@NoNORADon911 Yeah, internet memes are a curse. That was a serious record scratch moment, then the graphic popped up and I laughed at myself.
Are you kidding ? I don't understand.
My wife and I are so pissed.
Paying taxes on property and a house with no f$cking title.
I hate the real estate business.
My wife and I decided to transfer our assets into a trust years ago. The lawyer who handled our trust told us to use a quit claim deed to transfer our house into the trust. We later learned that this was not the best way to do that. Over the years I have found that just because a person has passed the bar, that doesn't guarantee that they are good at their job.
Never trust a bar guild member, they are foreign agents that owe their allegiance to the bar guild and the court, not their client or the constitution.
the bar for professionals is, in fact, pretty low.
@@plumbthumbs9584 :)
Hi ! Why would this not be the best way? Would you educate on what would be the best way ?
@@wiseforce7045 all trusts can be broken
CAUTION ! I am a Professional Land Surveyor (CA) and have dealt with title reports & title companies extensively for 45 years.....something has changed with these companies in the last 15 yrs (out here in California). Perhaps because California is such a sue happy State? But read the fine print (which takes ups the last 8 pages of any title report) and it endlessly lists everything they 'claim' they are not liable for (including many types of errors in their research, or lack thereof). We have found the quality and reliability of many of these companies taking a drastic downturn. More common - is now the title company will hire a Land Surveyor to do an 'Alta Survey' and base their report on this 'Alta Survey' so as to stick the Land Surveyor with the liability for any errors regarding title, encumbrances, easements etc. Find a title company with a solid reputation and don't automatically go with whomever the real estate agent uses out of habit.
Thanks for this info! Do you have any tips on how to find the most reputable title companies in a given area? Where the area is potentially new for the buyer and no relationships exist?
Came here to say this! I worked for a land surveyor in AZ who refused ALTA surveys because of what you state above. At some point it just seems like title companies just take a chunk of money to process the sale, and shift any burden of liability to a land surveyor, counting on their claims of things they are not liable for to "protect" them.
Amen to you brother. I am a land use and risk consultant, also in California. I am often tasked with deep dive research into property development histories. I have found lots of errors and omissions in title reports, fully disclaimed away by the fine print. Unfortunately, these are often found during litigations, when it is too late to resolve them painlessly. Pick a Title company with a 20 year history, and maybe do a second opinion report if there are any doubts. A good title report costs about the same as a good Home Inspection.
That's why all you guys make those big bucks! Okay, just kidding... The Real Estate lobby is so powerful and well represented in state legislatures (with lobbyists) that they have engineered getting more money with less liability.
@@DrAlexCullison Wish I had made the 'big bucks' ....dang! Here I am, old & burned out, living on SS. I was naively just the tenacious research person, lower on the staff pecking order....my employers made the 'big bucks' ( I heave a sigh ). I got so burned out from dealing with the deaf & the blind, I threw in the towel and abruptly left. I've spent the last year just sleeping to recover from the eye strain, constant emails and chain smoking (while researching). Sort of feeling like 'Rip Van Winkle' today. I don't regret leaving - so that says something?
Great video...our home is a mobile home, and we only get a title for it, but we have a deed for our land. An advantage to this is the property taxes on the home are low because it's taxed as PP instead of RP. We essentially live in a manufactured rancher that's taxed at the rate of a fancy camper, less than $300/year. I can't complain!
Please., what is PP and RP ?
@@wiseforce7045 PP is personal property. RP is real property (usually land).
Any mobile home is taxed as PP, because IT IS personal property. It is NOT real property, as is the land.
@irenerosenberg3609 okay, thanks Irene...because the mobile home can technically be moved, even though most are never moved once they're set. I get it now. A house is actually attached to a permanent foundation, while the mobile home is only anchored to footings.
One thing to add in some state the MH is registered. So expect to pay a year registration like what you do with a boat or a car.
Next, some times it's harder to get insurance if you have a MH if you think you might want one. Home and MH/ManufactorHome insurance can vary. I for example pay under 1200 for home insurance here in TX but in Florida. 12 years my MH insurance was like 2700 dollars per year.
Lastly, if you want to leverage you land for a loan, a lender see a pieces of real estate with home on it less of a risk.
Excellent! I was a "landman" for the O&G Industry for years researching Mineral Rights of property. (One of the 'sticks')
The word “indeed” must come from “deed”. We use “indeed” to emphasize something, and in a very real sense, the “deed” emphasizes your title to the property. Indeed an excellent video, thank you!
Or, perhaps more like, as 'electronic mail" morphed into "E-Mail and e-mail" into "email" it is simply a contraction of the phrase "in deed" as in "in deed, in fact and in truth".
@@kcgunesqHmmm.......Indeed!
i was thinking the same thing...though..now that i'm dwelling on it...i suppose it could also come from "deed" as "action". such as he's a nice guy in word and deed. or maybe both of those are related too, but they seem so basic i'm not sure i could guess which came first (if related at all)
correct, it comes from the consolidation of " in deed"
You are way too happy and I don’t like it.
This needed to be explained since in Real Estate they are used as synonyms. It’s likely most people don’t know the difference. Thank you!
"Title" = Complete ownership of a certain type of property.
"Deed" = Deeded Rights to that property under certain conditions outlined in the Deed. As far as Real Estate is concerned the person who owns the Deed is not the owner of the property and never can be, ownership always belongs to the government which issued the Deed. If someone would like to test this concept out they can always just refuse to pay the property taxes on the property and find out how long it takes the local government to remove that property from you and issue the Deeded Rights to someone else who would like to pay the property taxes. Being the "Deeded Occupant" of a property is not the same as being the "Owner". The Government is always the Owner.
Real estate is not title to the property. Property can only be owned by allodial title or patent.
@@bluesky6985patent has a different function. Patent isn't ownership of an item but of a design (idea). Copyright is ownership of a different type of idea than patent. Patent and copyright give the owner(s) of those ideas monopolies for a limited amount of time.
@@BillySBC You missed the entire point of this video. The Deed is the legal paper document that evidences and identifies the owner of the property. Title is the concept of ownership of the property. I don't know where you get this idea that ownership always belongs to the government which issued the Deed. This is simply not true. Nowhere in the video is this mentioned. If what you say is true, then when I bought my house, the seller was the government. Using your logic, there would be no sellers of real estate other than the government and every purchase of real property will be between the government and seller and the buyer as purchaser. This is simply not how it works. I assure you that a private individual sold me my house and that the private individual from whom I purchased had no governmental ownership to deed over to me. The scenario you describe where you refuse the pay the property taxes, will result in late fees, and accrued interest for failure to pay the property taxes. The county in which the property is located governs the collection of real property taxes. Failure to pay real property taxes will eventually end up with the county slapping a lien on your property and, after going through various administrative processes, will eventually seize the house and auction it off to recoup the unpaid taxes. But the county will give you ample notice and opportunity to pay the property taxes before essentially foreclosing on your home to recoup the unpaid taxes. The power and authority of the county to sell your house in foreclosure does not mean "the government is always the Owner." Think of it this way -- if you don't file a tax return and you don't pay the IRS any income tax due, they can file a lien against EVERYTHING you own and unless a resolution can be found, the IRS does have the power to seize your real property, personal property, freeze your bank accounts, etc. But just because the IRS has that power and authority, it does not mean that my paycheck come comes from the government. My opinion, worth what you paid for it!
@@BillySBC What if you interpret the property tax as the payment to the right of using the infrastructure that your house uses, such as the roads, drainages, electricity wiring, etc.? If you don't pay the tax, your house is seized as collateral against what you owe in tax. So, in reality, you do own your house.
Very interesting! As a real estate investor, I have purchased and sold quite a few properties over the years, and I've never heard such a simple explanation of these two terms. Thank you!
Well Done ! I think where people are understandably confused is that your car title is your "document evidencing ownership..."
Great observation
@@TheRealEstateLawyer Would love to see a "crisp" video on avoiding and fighting back after title fraud occurs... MOST of the videos on the subject are substantiveness and without solid recommendations !
@@TheRealEstateLawyer when we get a deed for tax-forfeiture property from the government - is that also a "quickclaim deed"? And so how is it proved the entity conveying the deed actually owned the property aka had title? You say bankruptcy court - the proves they didn't LOSE the property. I watched some "sovereignty" couple claiming they didn't have to pay their bank mortgage since the bank deed didn't really own their property or something like that. hahaha.
@@voidisyinyangvoidisyinyang885 - *1)* There is no such thing as a _"quickclaim"_ deed; it's a "Quit Claim" deed - i.e., one person "quits" all of their "claims" to a property. When you purchase tax foreclosed properties you would typically receive a *"Tax Deed".* The exact type of deed may vary depending on which state you live.
*2)* Proof of ownership that the entity conveying the deed actually owned the property is established via the *title search* process which is done by the title company as part of the real estate sale and closing. All real estate deeds must be registered with the county register of deeds, and as such a continuous record of registered owners is established. If Johnathan Doe is the last person who has recorded a deed for this house, and he is now about to sell the house to you, all that is needed is that he provide proper I.D. at the real estate closing showing that he is indeed Johnathan Doe. When the county forecloses a property for nonpayment of taxes, even the county then has to register that judgment of foreclosure with the county register of deeds.
*3)* Needless to say, "sovereign" legal defenses never work because they are not on solid ground. If a bank has paid the $300,000 to purchase the house on your behalf, then *yes,* the bank has ownership rights to the property and you are legally liable to pay the bank back for the money that they put up to purchase the house - and you are liable by virtue of the *contract* that you signed with the bank.
When it comes to Real Estate the government that issues the Deed is always the owner, you are just signing a document that imparts certain Rights and certain Responsibilities as well, but the government is always the owner. Should the day ever come that you are unable to pay the property taxes then you will find out who the actual owner of the property is. Should the day ever come that the government needs the property to run an interstate highway though you will find out what "Eminent Domain" means. The government is always the owner, you are merely the occupant who has been granted or "Deeded" certain rights to the government's property.
Well done. I've never heard title described as "the bundle of sticks" before, but that is a great concept.
LAND PATENTS and ALLODIAL TITLE
Yes, the famous Fascisti.
What a great video. I like the "Easy Talk" way you explained the different between the Title and Deed. No tough girl lawyer talk.... Nice and easy to understand. Thank you.
Making it simple by keeping it short & sweet. Thank you.
Thank you so much for this easy and quick educational material for new homeowners!
@1:20, Title refers to owning all the bundle of sticks ( interest). A better explanation as to what is a deed: a deed is a written document that spells out the what, who, and how the real estate interest is conveyed- (what ) bundle of sticks; (who ) is the person owning the bundle of sticks), (how ) that bundle of sticks is owned.
I explain it that way in another one of my videos
So then every piece of property has two documents, a Title describing what a piece of property is and a Deed stating who owns it. The Title states assets only, one does not 'own' or 'poses' a Title. The Title is the 'definition' of the items in the Deed.
Is this correct?
You may have the deed, but your right to use your property may be restricted by easements, for example. I've seen homes where the public had the right to hike throught the backyard or walk through to get to a beach.
@@hewitcthat's another stick in the bundle
If a mortgage loan is obtained for the property purchase, there will be a deed of trust that will be recorded. This is a security interest that states that the buyer will repay the loan and the mortgage lender will hold the title to the property until the loan is paid in full.
Upon the final payment of the mortgage, the buyer will get a release document saying the property is paid in full and the title and deed, which will be recorded with the Register of Deeds.
Good point!
Correct
Are these documents sent from the mortgage company, we only received a lien satisfaction?😊
unless you have a LAND PATENT and ALLODIAL TITLE . .. then the land can't be used as collateral . . . because of the land patent . . .. . . .do you see now how the banking structure could be more fragile ; )
That is more common than a Deed transfer, because the payment was borrowed.
Well said. I very much appreciate the direct succinctness of your statement. (seems to be a lost art in recent history) 👍
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PREACH!
In my time I want to see actual change. So can you please help Iron Land. Please.
Please assist Ironland!!!
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I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I am a CPA who gets involved in that I record the transactions on the financial records. We purchased property that we found was not owned by the party we purchased it from. We went to the title company who admitted they only do a surface review. They had little confidence in their own process. However, they reimbursed us for our loss. They said they do thousands where there are no problems. It is not cost effective to do a detailed, exhaustive search. They just pay out the claim when failures occur.
Surface review is surely NO review! Not caring is at the bottom of this. Or caring only for what they can earn with the least amount of work!!
The banking system takes the same approach when clearing cheques. They dont check the signature or the payment instruction of each cheque as is their duty. Its a cost benefit approach, its cheaper to pay for errors than to check for errors.
@@Finderskeepers.Actually most banks now have stipulations in the account agreement saying that they don’t have to check for indorsements and if they make a mistake you’re liable for the loss.
@@jakebryan01 I can see them putting that in the T&C's but is it enforceable and is that in the US or Europe ?
Oh, lovely😢😮
But there's two kinds of titles; allodial title, and split title where the buyer only gets the equity half title while the state retains the legal half of the title. Allodial titles are absolute ownership and can't be taxed, leaned, or regulate it's use.
LAND PATENTS and ALLODIAL TITLE
Mrs. Gump's House and property.
How hard was it to get your Alloidal Title & How did you go about NOT Paying Taxes ?? Thanks
@@waylonmccrae3546 The last time I dove into it about a decade or so ago, the last two states that were still doing allodial titles was Nevada and Texas. But Nevada stopped years ago, leaving Texas as the only remaining state with allodial titles. Now as far as I understand, you can get a federal equivalent of an allodial title by applying for a federal land patent. If I remember correctly, you have to make a one time tax payment equal to a number of years of taxes upfront. From what I understand, thus is the route oil drilling companies go to secure absolute ownership, including mineral rights. There's no mineral rights in split titles because you lack the legal half of the title. That's why you're typically referred to as "Tennants in Common" or something similar on split titles.
A Title is like a University Transcript and a Deed is like the Actual Diploma.
Title is what you should have and the Deed is the Physical Proof that it's yours.
(A Title is like your Social Security Card and a Deed can also be along the lines of a Physical Birth Certificate)
LAND PATENTS and ALLODIAL TITLE
Very good example, thanks
Wrong a deed does not indicate ownership. It just conveys an equitable interest in the property. Go look at your deed no where on is does it stat you are the owner. You are a resident or a tenant.
@@terrybelden876 Oh boy, I thought BossRoss had explained it, now I'm really confused. And I've bought multiple houses and pieces of land through the years. What on earth is going on?
@@plumbthumbs9584 what is going on is fraud, identity theft. It all started after the civil war. The corporation that is masquerading as government, has had over 100 years to perfect the fraud they are committing against we the people. The real estate scam started around the time ww2 ended.
"There's nobody that can really tell you what to do with the property..." - Except the HOA, the city, the county, the zoning board, the EPA, the BLM, the neighbors, and every level of law enforcement (city/county/state/federal). Yeah. Freedom baby.
That’s right. They tell you that you can’t harm, annoy, or nuisance others with your property, because most humans, like you, are probably really animals if left uncontrolled. You may have missed the Civic classes when you skipped school.
LAND PATENTS and ALLODIAL TITLE
Yeah, good points. Of course, if you are in a HOA, you get what you deserve. As for the rest, everyone should be allowed to make their own laws for the land they own. Are you really that dense?
squatters
Don't buy anything in an HOA. Other than that you still have lots of leeway.
A girlfriend of mine is the administrator of an estate and a beneficiary of the real property of this estate. The Will required the administrator to correct any environmental problems or perceived problems found on the property. Funds of the estate were expended to do this, although she did not have a deed. The Orphans Court ordered her to pay the money back to the estate, claiming it was her property, and that she had to take the property as it was at the time of death (an environmental disaster) although the probate has not been completed and cannot be finished until she receives a final tax return of the deceased.
Great Video ma'am, I have the physical Deed, and there is only one, and it's a unique document (one page, side 2 printed in the inverse, with other security measures embedded within the document..."tangible" proof! ) that can't be copied!
I though there are two copies or two identical documents for a property Deed. One resides in the County Clerks Office and never leaves there. The other is supposed to be held ( in a safe place) by the owner of record. They have to match etc etc.
Excellent explanation. The pop quiz was a nice touch.
Wow. This is very informative and succint. I've bought two properties and sold one, and finally understand the terms. THANK YOU!
Thank you for explaining between two. God bless.
Could you explain how crooks steal a title and how to secure against it?
When a house is debt free it easier to somehow get scammed, I’m not sure how they do it but we were encouraged to get title insurance.
What they often do is file a fraudulent deed. The filing of the deed creates a crap show to get clean title back. Just because they file doesn't mean that they have valid title to the property. Much rarer is taking the property via adverse possession. If they do adverse possession right they can file with the courts to have the property titled to them. The first is illegal but adverse possession is legal. Adverse possession, however, does require that they openly use the property.
@@ianbelletti6241The second one you speak of, isn't that how squatters try to get your property?
@@kendallevans4079 yes, that is how squatters try to get it. However, you have to be doing it blatantly and openly. If the owner has no knowledge because you're always sneaking around and hiding when they check on the property that is not adversarial enough for the courts.
@@ianbelletti6241Thank you. I use to own a mountain/vacation cabin and worried about that. Fortunately, I had great neighbors and nothing bad ever happened
You are such a wonderful beautiful lawyer who explained the fine differences so well! Great job !
real estate vs land ownership ( or at least first in line ). I want more than just real estate ownership.
I totally get it now !! because I’ve heard in family/marriage horror stories where the line, “just give me the deed to the house and I’ll leave you alone,” or something along that being used so I thought I’d look it up to find more info because I have heard title being used as well.
Love simple things that are easy to understand , thank you .
Wow! Such a clear and simple explanation of each. Thank you!
I'm curious how having a title and deed still prevents you from ownership in cases like squatting or worse, eminent domain.
In general (and every state may have a slightly different answer): the issue of squatting is an artifact of various laws, primarily rental laws, that aren't really designed to permit squatting, but are designed to protect tenants. Combined with the law of adverse possession that have a different focus, and there are edge cases that really stand out. As for eminent domain, the concept is simple. All rights of ownership descend from the sovereign and no title can stand against the sovereign. Eminent domain is the process (in the US) where the sovereign says "we need that land back, here is your money".
Thank you young lady - very well worded and understood !
Nice video. Brief, clear, and coherent.
Thank you so much for the GREAT info. I really appreciate it.
Thanks very much for giving more insight to these two topics
My wife and I paid cash for our home three years ago. Should we have received a title or a deed? I sure have enjoyed your channel. Have a blessed day!
Yeah, I want to know too since I paid off my house 7 years ago and got nothing as far as paperwork is concerned.
"Title" is the concept of legal ownership of your home. The deed is the physical document that names you and your wife as the owners. "Title" (the concept) to your house is evidenced by the "deed" (a physical document). Depending on which state you live in, it could be called a "grant deed" or a "statutory grant deed" or similar. These documents are recorded in the public records of your local county recorder. This is not to be confused with a "deed of trust" or "trust deed" which is a document that shows that you have a mortgage on your house. You can go to your county recorder and have the county recorder pull a copy of the "deed" that should have been recorded with the county recorder at the time you bought your house. Many county recorders have robust websites where you can get a copy of the "deed" right off their website. Some county recorders will do this for free, some charge a nominal fee. If you bought your house 3 years ago, did you go through a real estate agent/broker? If so, ask them to provide you with a copy of your deed.
@@valeriestevens5250 If you had a mortgage on your house that you paid off, the lender should have recorded with the county recorder in which the property is located a "deed of reconveyance". Once recorded, the copy that is date stamped by the county recorder will be mailed to you. This document is evidence that you paid off your loan and that there is no longer a mortgage on your home. Contact the lender to make sure that this happened and ask them for a copy of the "deed of reconveyance." You can also go to your county recorder's office and ask them to provide you with a copy. This information is public record so it is easily available if properly done by your lender. Many county recorders have websites from where you can get a copy of this document online. Some county recorders will do this for free online or for a nominal fee. If you know a local realtor/real estate agent, they have the tools to be able to get a copy of the deed of reconveyance. Hope this helps.
@@laguna172 This is very helpful! Thank you so much. Can any realtor/real estate agent in the state help me, or does it have to be one from my county? My nephew is a realtor in Orange County California and I live in San Bernardino County, CA. My mortgage was with Bank of America. Thank you for any help.
@@valeriestevens5250 Any legitimate realtor can do this for you, no matter where the property is located and no matter where the realtor is located. EXCEPTION: Not all county recorders are up to date with their online technology and may not have online search capabilities but this is typically only in smaller rural areas. Your Orange County Realtor nephew should be able to help you if you're looking for a documentation for property located in San Bernardino County assuming San Bernardino County has decent online technology.
So wise , Thank You . Every Property Owner must Know
LAND PATENTS and ALLODIAL TITLE
I liked this one. It was informative. What I would like to know is how can a business that previously owned the property Deed the property so that a competing business can't use that building or property for the same kind of business I,e, grocery store. Right now in Waco,TX a grocery store put a Deed on a property that they never owned so that a competitor couldn't build on that property. I don't know if they bought it just long enough to put a Deed on it and then sold it. Some of the buildings on the property had been there since WW2 and were still in use.
I appreciate you watching.
I’m licensed in NC only, so I’m not sure what would happen with that in TX law.
Hey thanks! shared w my mortgage banking team this morning
No BS , clear concise explanation. Thank you.
Currently taking my real estate courses and this helped a lot. Thank you
Wow, your a great teacher!
Thank you. Very well explained.
Excellent content. Thanks for your time to post it.
Straight to the subject Thank you.
Wish more tubers were this on point instead of the usual plea for likes/subs and the endless run-up.
Those are the laws and regulations to make lawyers happy. I bought properties in Thailand and in Thailand you don't need a lawyer or any other blood sucker. There is the Land Department, a government body, which registers all legal matters about the property. Everything is done on the spot and doesn't take more than an hour. The Land Department issue a title deed and the property is yours. Guaranteed by the government.
Each country is different.
The Professional Order Of Leeches and Lampreys has filed a compliant about this comment.
Very subtle difference, but for a lawyer not so subtle. If you own a house you have a deed with your title on it. If you don't the bank hold the deed until you pay the bank mortgage then you have both
Thank you. You may cover this point in another video. In WA state when a typical RE transaction is done the title insurance protects the bank's interest. As the new homeowner you should ask the title ins. company for added coverage for yourself. Need to watch the details.
In WA state (and pretty much every state), if you buy a house (or any real estate) and you pay for it using cash and funds from a home loan, you will buy as part of the purchase process, an owner's policy of title insurance which protects your ownership interest in the house. The lender will buy as part of the lending process, a loan policy of title insurance which protects the bank's interest in its collateral (your house). So, you are correct, title insurance does protect the bank's interest by virtue of its loan policy of title insurance but your ownership is insured by virtue of an owner's policy of title insurance. So two (2) policies will be in place at closing. One for you as the buyer/homeowner and one for the bank/lender. You cannot add yourself to the loan policy of title insurance as an additional insured. The lender cannot add itself to your owner's policy of title insurance. If you buy real estate and pay for it 100% in cash with no financing whatsoever, only one title policy will be issued -- an owner's policy of title insurance protecting your ownership interest in the real estate. No banks are involved so no other title policies are issued.
@@laguna172 Thanks for that bit of trivia. Ain't that many that can afford cash on the barrel head.
Very informative, thank you for posting this.
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Gratitude for this share, it was informatively efficient & easy to comprehend.
Please Help Ironland to receive the land around our national monument and becoming a Great County
Love- A citizen of Ironland
Ps. Your video was great
Very helpful! Thank you for the quiz at the end.
My likeminded Ironland citizens beg of your help in the fight for its territory. Please, help Ironland
This was so helpful! I loved the pop quiz at the end 🎉🎉
Yes very good information. Like your clarity explaining the informarion! Thank you.
Great explanation...I was one of those who assumed the two meant the same thing. Thanks!
Please assist Ironland!
Great video for the average person. I’m in the process of purchasing an off grid property which has established ownership history as well as an easement to access the property, and the realtor I’m going thru is wanting a quit claim deed since their preferred title agency underwriter won’t sign off on the realtor’s proof of easement.
Unless you’re going to live there until you die and pass those problems on to your heirs I would think twice. Hire a real estate attorney to research. Sometimes a recorded instrument takes more than the casual research some title companies do. You could end up with a landlocked property with no access. The Realtor isn’t an attorney and is giving bad advice. I’m a Realtor myself and he/she should know better than to give a legal opinion. A quit claim deed is easily challenged.
@@Dbb27 Thanks, I definitely pushed back and will not accept a quit claim deed.
Best of luck!
@@TheRealEstateLawyer Thank you!
@@Icutmetal the owner could, if they are on good terms ask to ‘update’ the agreement perhaps? If it’s challenged some states have laws of continuous use which would make it of record. 🤷♀️
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Hi. Thank you for the information. I'm in Colorado. Garfield County. We bought the property in 2013. I have a neighbor saying he has a deeded easement to ingress and egress that's still valid. The easement was perhaps part of the land 50+ years ago when the land was owned and subdivided differently. He has been using the other established means of ingress/egress since we moved in (2013), and since he moved in, in 1999. Then one day in 2019 he decides to come barging through my property and claim he was using his easement right. He tried to do this to the previous owner also, and threatened court and then withdrew the case the day before trial...that was back in 2008/9.
The easement was not recorded in 3 title transfers about 40 to 50 years ago. Many years later, after those prior owners were moved away, this neighbor asked them to sign a Quit Claim deed conveying the easement to the current owner (my neighbor). Only 2 of the 3 owners who transferred title signed the quit claim forms that were provided to them. Does this help me? Is it valid for lawyers to ask prior owners to do that?
I think the easement being left out of recorded deed could have been on purpose. Or even if not, it went through 3 transfers in a row without being documented on the titles.
Would you be able to help or guide me? I have some money but but not enough to hire a lawyer fully. Thank you! Andy
Unfortunately I am only licensed in North Carolina.
I think it’s confusing because if you own your car outright, you have a physical piece of paper called a title. But with real estate that same document is called a deed.
I agree. Looked up the terms and the article said that the term 'Title' is 'conceptual' but that a 'Deed' is the physical instrument that proves ownership. Kinda like a title you are given at work for your position. It is your job title but you do not 'own' it. Understanding that, I still don't get why we are not given a deed instead of a title when purchasing a vehicle. Is it because one could steal someone's vehicle title and still trade with it? Makes no sense as ownership is trackable with the VIN # which is on the title.
I belive A vehicle title is a contract threw the state which it is registered , a singed bill of sale is legal ownership, if you go to , ( cornell law ) and look up ( 49 us code 33107 ) i think the title is why they can tow your car when ever they want to.
Even that isn't quite accurate.
The different types of deeds might or might not say that you own the property. A combination of deeds (including trust deeds, which replace the mortgage documents in some states) adds up to describing who owns the property, or part of it, etc.
Instead of a Quitclaim, with auto title you can just sign a release of responsibility, right there on the same document.
I used to do a lot of closings, and 100-150 pages for a home with a loan, are typical. Some pages are deeds.
With a car, it's all there, thankfully, on one document. 🙂
Deeds are associated with fixed property.
@@AnotherTaco.YesPlease EXACTLY
Great video. 4min covers lots ground. Still missing grounds. Does a deed elaborates all sticks in the bundle, like mineral right?
Please help us get Ironland
So the title is unrealized ownership and the deed is realized(a recorded document).....great explanation Ms. Tiffany
Please help Ironland
EXCELLENT VIDEO
Thank you so much for sharing this video
Assist Ironland!
The title of this video was indeed appropriate. Nicely explained!
Please assist ironland!
Excellent Explanation - Concise and easy to understand.
We purchased our townhome for cash a few years ago. Should we have the original deed and/or title in our possession or would it be on file maybe with the county?
Whoever holds the title of the property, you paid in cash for should then give you the grant Deed, you having met the terms of sale, so you own the property, you should receive the grant deed.
Having possession of such document is not the final step. YOU need to bring this document to the county hall of records & pay a sm. fee to record YOUR name to the Deed. (in other words you record the grant deed in your name, no one else files it for you, it's official after you do it yourself)
This just left me more confused than before!
Thanks! I thought I was the only one.
Title = Set of Property Rights; Deed = Legal Document for the Rights
Don't worry, it's not you. It's not a good explanation.
Yea, I really don't see the point of both of them being a thing. If I own the place I own the place.
@@boffo63 Holding the title means you own the property. The deed is proof it was signed over to you by the former owner.
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I know I've owned my home for well over ten years now. So should I have a physical copy of the deed in my possession, or is that kept by the city/county? Thank you.
You need to get the deed in your possession, then you need to take it to the city/county recorders office & have it documented & registered as yours, no one else can do it for you.
Awesome explanation! Thank you!❤
Glad it was helpful
Very clear and helpful! Thank you! 👍
Came for ironland, got actually interested in the topic
Thank you for this explanation! I have been struggling to understand the difference.
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Thank you. This was a perfect explanation. Very helpful.
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Thank you Tiffany for making this video!!!!!!❤
You never mentioned the: Grant Deed, The Sheriff's Deed, The Tax Deed, The Warranty Deed. When you have the Grant Deed you have all the rights to that property and the right to sale, convey or encumber the property to whomever you desire; So the mother of all Deeds is: ta-daaa- : the Grant Deed!
Senor. She told all that in previous vidos. Calmate. Try to keep up…
She also forgot about the good deed, the indeed, and the misdeed!
@@FuhqEwe🤣
What is a Patent? I have some property that I have that showing ownership.
She also forgot the Doo-Wah-DeeDeed-Ditty-Dum-Ditty-Doo....
Thank you very much for clearing up the "MUD" for me.
Please assist Ironland.
THANK YOU. New sub and you are appreciated. Needed information.
Thanks so much for posting this!
Thanks for watching!
1:49 So the Register of Deed is the physical Title in the city hall depository of current land 'ownership' within the city limits.
Is a current Deed a part of the history of past land transfers of a specific land tract like a paper trail of previous owners?
So if I have full title to the property, I don't have to pay property taxes? I equate property taxes to a form of rent to the actual owner, the county.
LAND PATENTS and ALLODIAL TITLE
Property taxes are not rent. They are a fee that land owners pay to their local government for publicly shred services. You don’t get the right to opt out of the fee just because you don’t like or don’t want the services.
@@mcnealbrown6273you don't know what you're talking about.
If you had full title, then yes , you wouldn't pay taxes. Problem is you don't have full title, called allodial title. Good luck getting it, very rare these days. The bundle of title sticks are rarely kept in one name, several different owners of the various sticks .
@@spencerhansen8374 OK, you just mentioned a titling scenario that’s so rare no one has ever heard of it. But I don’t know what I am talking about? Nice try pal. Taxes are not now nor have they ever been rent. I worked in commercial real estate for 18 years. I handled RE tax payments for dozens of commercial properties. Go take a class…
Title is a form showing shared ownership between a home buyer and mortgage lender and a deed is a note of unliened ownership. But in other areas of ownership like vehicles... titles can play bothe roles just depends on who's name is on it
Please help Ironland!❤
Both of them complete each other.
i purchased my home over 30 years ago. should i have a physical deed from that purchase?
If mortgage is paid in full get deed from bank. Go to bank and they will issue deed😊
30 yrs doesn't mean mortgage has been paid in full
@@keithwisdom1663 a deed is not the same thing as a mortgage satisfaction letter. I have the satisfaction letter. I want to know if I should also have the deed.
FYI, A person can have a mortgage and NOT have the deed to a property meaning they are paying a loan on a property that is not theirs. Property belongs to the parties named on the deed. The LOAN belongs to the person named on the mortgage.
Yes, should have received deed at purchase. County clerk should have a copy.
Great job! Thanks,
Please assist the Ironland!
Very helpful, thank you!