Property Title Deeds Condition / Availability
Full title Deeds & Title Deeds Available – What’s the difference?
When you're purchasing real estate, you'll quickly hear a number of terms thrown around.
Most people tend to assume that the condition of “Full Title Deeds & Title Deeds Available” are the same thing, but they actually refer to two separate legal concepts.
When you own a property, you presented on the title deeds as the official / registered owner of the property according to the share / proportion belongs to you.
Full Title Deeds is the legal way of saying you owns the right to something, as well, you have completed the property transfer procedure and the property title deeds issued on the Buyer’s name. For real estate purposes, title refers to ownership of the property, meaning that you have the rights to use and benefited that property. It may be a partial interest in the property or it may be the full (Share). Moreover, because you have full title deeds, you can transfer that interest or portion that you own to others by signing a sale agreement / sale contract (You can never legally transfer more than you own). Additionally, you can apply for a mortgage and use the property as a guarantee by providing the title deeds to the bank.
Title Deeds Available, actually, the rights provided are the same rights with the full title deeds, but with the difference that the property transfer procedure, hasn’t completed yet as a result the title deeds to remain registered on the Seller name. That usually happened when a property buyer signed a sale agreement but he never proceeded to the final stage of the sale procedure where is the transfer / registration of the title deeds.
Moreover, at this situation, the seller continuous to have the right to transfer the interest or share that owns to others by signing an Assignment Agreement (Assign the rights that coming from the sale agreement that the current owner/seller signed when he bought the property). Additionally, you can apply for a mortgage and use the property as a guarantee by providing the title deeds to the bank.