GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Title Company


Synonyms:title search company
Filed Under: real-estate
Tags: realty
 

Definition of title company

title company
1. A company that reviews a property's title prior to its sale. The company looks for any liens or claims and works to fix any issues that are found. They also supervise the closing transaction and ensure that final money transfers are processed correctly.

Related Terms and Acronyms:

  • agency closing   The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
  • title   Evidence of a person's right to possession ownership of a property.
  • title report   A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
  • title search   A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.

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