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It is a valuable tool to identify and document past owners of a property and serves as a property's historical ownership timeline. The "chain" runs from the present owner back to the original owner of the property. In situations where documentation of ownership is important, it is often necessary to reconstruct the chain of title.
Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
In the case of real estate, the legal instrument used to transfer title from one person or entity to another is via the deed. A famous rule is that a thief cannot convey good title, so title searches are routine (or highly recommended) for purchases of many types of expensive property (especially real estate).
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
The current version has the reference number V5C. Prior to computerisation, the title document was called the 'log book', and this term is sometimes still used to describe the V5C. The V5 document records who the Registered Keeper of the vehicle is; it does not establish legal ownership of the vehicle. These documents used to be blue on the front.
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§ 873.1 of the German Civil Code stipulates that the transfer of ownership of a plot of land, the encumbrance of a plot of land with a right and the transfer or encumbrance of such a right requires registration in the Land Register (Grundbuch). Except for the cases explicitly provided for by law, the respective agreement becomes binding only ...
In many countries, the Torrens title system of real estate ownership is managed and guaranteed by the government and replaces cumbersome tracing of ownership. [citation needed] The Torrens title system operates on the principle of "title by registration" (i.e. the indefeasibility of a registered interest) rather than "registration of title ...