What does title refer to in real estate?

In real estate, the concept of title refers to actual ownership of a property and encompasses the associated bundle of rights that come with that ownership. This includes the right to possess, use, transfer, and sell the property, among others. When someone holds the title to a property, they have legal authority over it and can exercise their rights as the owner.

While the physical document that may represent ownership (like a deed) can be important, title itself goes beyond just a piece of paper. It's the legal right to own and control the property, which is critical in real estate transactions. The bundle of rights associated with ownership allows the title holder to make decisions regarding how the property is used and managed, as well as the ability to profit from it.

This understanding of title is fundamental to real estate, as it establishes who has the legal claim to a property and what rights they possess in relation to that property.