Title is the aggregate of legal rights enjoyed by a person under law towards the ownership and possession of a property. Generally, title is associated with real estate and signifies absolute ownership. Title can be classified into two types:
- Legal Title: Title that can be documented and is available through public records. Such title grants rights to the owner to exercise various types of rights on the property such as easement rights, development rights, possession rights, selling rights, exclusive use, etc.
- Equitable Title: Title that allows the owner to enjoy the property, even though they may or may not have legal title. True ownership requires legal title.
[Last updated in November of 2021 by the Wex Definitions Team]