Ensuring Digital Signature Lawfulness for Home Loan in Canada

How to eSign a document: digital signature lawfulness for Home Loan in Canada

if you are a real estate agent or you're interested in becoming a real estate agent then you have probably heard these two terms title indeed used interchangeably but I'm going to explain today what is the difference in the fact that they are not exactly the same thing I'm Tiffany Weber I'm a real estate attorney in Mooresville North Carolina at Thomas and Weber let's get right into it all right first we're going to start with title because this is the foundational concept so title refers to ownership your ownership of the property so title is comprised of a lot of different things if you're sitting in a law school property class right now your professor might describe it to you as the bundle of sticks so when you own property you have this bundle of sticks so one stick might be the right to convey the right to lease the right to encumber the right to position you have all of these different rights to do things with your property and when you have all of the sticks then you own the property and fee simple absolute so there's nobody that can really tell you what to do with the property so title refers to your ownership of that bundle of sticks the deed which is the physical manifestation of that concept so that is the pen to paper legal instrument that evidences you your ownership so it's given from a grantor who was the owner of the property or in of any sort of interest in the property to the grantee who is receiving the title to the property [Music] so title comes up in a lot of different contexts for example a title search so that's where the attorney is going back in time through the public records to determine who actually owns what related to the property that you are interested in acquiring so you have to do a lot of things related to that you've got to search the register of deeds you have to search the court records you search bankruptcies you search for liens you you search the Secretary of State if there's an entity involved there's all sorts of searches that have to take place to determine who owns what and do they have the legal right to convey it to the grantee so another thing that title comes up in is title insurance so title insurance companies step in and they take on the risks that okay the title search revealed that this person is the owner of the property we having not been there when the Deeds were signed back and back and back we may not know if there is any sort of fraud involved so you know if one of those conveyances was fraudulent we don't want the buyer to be harmed by that so we will insure over that to make sure that the buyer is either defended in any sort of suit that may occur or they're compensated for their actual losses now back to Deeds there are different types of deeds and they are not all created equal there are different covenants that the seller has to make depending on the type of deed so a quick claim deed is whatever I've got I'll give it to you I don't know if I have anything so you know I could I'm not going to but I could go sign a quit claim deed for 1600 Pennsylvania Avenue right now and you know have it recorded I don't have an ownership interest in that property so I'm not giving anything away because I don't actually have anything to give so a quick cling deed is just saying whatever interest I've got I'll give it to you it's another type of special warranty deed saying I will defend you as to ownership but only for the time period that I own the property meaning The Grand Tour and then a general warranty deed is I own the property I have the right to convey it promise to you that I have the ability to do this and I'll defend you should some issue come up so General warranty does not confined in time so those are different types of Deeds all right it's pop quiz time you are at the closing Table and there were some documents passed around and one of them was signed by the seller and given to you as the buyer and it is how you got ownership of the property so what was it was it the title or was it the deed [Music] ding ding ding it was the deed the deed is a physical document that evidence is your ownership of the property so I think the simple way to think about it is title is the concept of ownership indeed is the physical thing that evidences the ownership so long-winded way to explain a short topic hopefully that helped you understand the difference in title and deed and that they are not exactly the same thing if you want more educational videos like this one on real estate topics go check out the rest of the videos on my channel and I'll see you in the next video foreign [Music]