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IL real estate lawyerIf you are a first-time homebuyer, there are many legal terms with which you may not be familiar. In residential real estate terms, a deed is a document that proves the transfer of a title of a specific property from one individual to another. A title is the legal right to use and alter the property if the owner so chooses. With a title, the owner can also transfer interest or any portion to others through the deed, which represents the right of the owner to claim the property. The main difference is the title describes or names the primary holder of the property, whereas the deed is the official legal document that is filed.

The Importance of a Title

There is an old saying, “What is in a title?” Basically, title is the legal term that refers to ownership of something. It may be helpful to think of the word “entitle,” which means having ownership or control over something. In real estate, that would be property. A title is a very important element in residential real estate transactions. When a person holds a title to a home, they possess the legal rights, ownership control, and responsibility of that house. Titles can be held by a single person or by two or more individuals, such as a married couple or an adult and his or her parents. It is important to note that titles can also be held by corporations, organizations, and trusts where all the involved parties share certain ownership rights.

Details of the Deed

A deed is the actual paperwork that is signed by someone who is selling or transferring over the rights to their property, and this person is typically known as the grantor. The person buying or taking possession of the home is referred to as the grantee. The deed includes the names of the property’s seller and the buyer, and the seller must sign it to confirm the transfer of ownership.

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rent instead of own, DuPage County Estate Planning AttorneyOwning a home is a goal that many individuals grow up with and consider as the "American dream." A home offers a place for families to raise their children. Later in life, a home provides a place for families to enjoy their golden years.

However, what is often not included in the description of the American dream is the cost and work that is required to maintain a home.

Over the past several years, more and more retirees are opting to sell their homes and are choosing to rent. In fact, statistics show that over the past 15 years, the number of retirees who own homes has dropped from approximately 85 percent to 75 percent. Additionally, projections show that over the next 10 years, more than 2 million seniors will make the decision to sell their home and rent.

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