Owner of Record

January 1, 1 6 min read Owner of Record Legal Ownership Property Ownership Public Records Real Estate Title Beneficial Owners Property Rights Legal Definitions
The term 'Owner of Record' refers to the person or entity listed in public records as the legal owner of a property. While the owner of record is the recognized owner in official documents, beneficial ownership may differ.
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Owner of Record

Definition

The “Owner of Record” is the individual or entity listed in public records as the legal owner of a specific property. This designation is vital in real estate transactions, jurisdictional matters, and property rights enforcement.

Examples

  1. Residential Property: Jane Doe purchases a house, and after the closing, she is recorded as the owner of record in the county’s public records.
  2. Corporate Ownership: XYZ Corporation holds the title to a commercial building, and the corporation is listed as the owner of record, even though shareholders might have beneficial ownership.

Frequently Asked Questions

  1. What is the difference between the owner of record and the beneficial owner?

    • The owner of record is the name on public documents, while the beneficial owner receives benefits such as income or profits from the property.

  2. How can I find out who the owner of record is for a property?

    • You can search public records at the local county recorder’s office or online databases maintained by local governments.

  3. Can the owner of record change?

    • Yes, the owner of record can change during property transactions, inheritance, or legal settlements, and this change is recorded in public records.

  4. Why is it important to know the owner of record?

    • Knowing the owner of record clarifies legal ownership, assists in property disputes, and is crucial for any legal or financial transactions involving the property.
  • Title Search: A detailed examination of public records to confirm a property’s legal ownership and uncover any claims or liens.
  • Beneficial Owner: A person who enjoys the benefits of ownership, even though the title is in another name.
  • Deed: A legal document that transfers ownership of real property from one person to another.
  • Public Records: Documents or pieces of information that are not considered confidential and are maintained by governmental bodies.

Online Resources

References

  1. “Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer
  2. “Modern Real Estate Practice” by Fillmore W. Galaty, Wellington J. Allaway, and Robert C. Kyle
  3. Investopedia, “Owner of Record,” Investopedia, URL.

Suggested Books for Further Studies

  1. “Principles of Real Estate Practice” by Stephen Mettling, David Cusic, and Jane Somers, provides a comprehensive guide to real estate ownership structures and transactions.
  2. “Real Estate Law” by Marianne Jennings, covers legal aspects of property ownership and public record implications.
  3. “Property Law: Rules, Policies, and Practices” by Joseph William Singer, offers a deep dive into property law and ownership rights.

Owner of Record Fundamentals Quiz

### What is meant by the "owner of record"? - [x] The individual or entity listed in public records as the legal owner of a property. - [ ] The person currently occupying the property. - [ ] The previous owner of the property. - [ ] The individual with the keys to the property. > **Explanation:** The owner of record is the person or entity listed in official public records as the legal owner of the property. ### Can the owner of record differ from the beneficial owner? - [x] Yes, they can be different entities or individuals. - [ ] No, they must always be the same person or entity. - [ ] Only if specified in a legal agreement. - [ ] None of the above. > **Explanation:** The owner of record is listed in public records, while the beneficial owner is the one who actually enjoys the benefits of ownership, which can be a different entity. ### Where can you verify the owner of record for a property? - [ ] At the property itself. - [ ] With the current tenants. - [x] In public records, typically maintained by the county recorder’s office. - [ ] Through a real estate agent. > **Explanation:** Public records, usually held at a county recorder's office, are the place to check and verify the owner of record for a property. ### How can the owner of record be changed? - [ ] By announcement on social media. - [ ] By installing a new nameplate on the property. - [x] Through legal documentation such as a deed filed with public records. - [ ] None of the above. > **Explanation:** The owner of record is officially changed through legal documentation, typically a deed, which must be filed in the public records. ### Why is it significant to know the owner of record in a real estate transaction? - [ ] To send them property decoration suggestions. - [ ] To invite them to community events. - [x] To ensure clear title and legal ownership during the transaction. - [ ] None of the above. > **Explanation:** Knowing the owner of record ensures legal ownership and clear title, which is essential in real estate transactions to avoid disputes. ### What kind of professional frequently performs searches for the owner of record? - [ ] Interior designers - [x] Title searchers - [ ] Landscapers - [ ] None of the above > **Explanation:** Title searchers, often part of title insurance companies, perform searches to verify the owner of record. ### In a real estate context, what is a deed primarily used for? - [x] Transferring ownership of property from one person to another. - [ ] Granting temporary access to a property. - [ ] Listing rental agreements. - [ ] Describing property features. > **Explanation:** A deed is a legal document used for transferring the ownership of real property from one entity to another. ### Which governmental body maintains public records of property ownership? - [x] The county recorder’s office - [ ] The department of motor vehicles - [ ] The local post office - [ ] None of the above > **Explanation:** The county recorder's office typically maintains the public records of property ownership. ### What can be a consequence of having inaccurate information about the owner of record? - [ ] Improved property value. - [ ] Faster property transactions. - [x] Legal disputes and delayed transactions. - [ ] None of the above. > **Explanation:** Inaccurate information about the owner of record can lead to legal disputes and delays in property transactions. ### Is the information about the owner of record typically confidential? - [ ] Yes, it is kept confidential at all times. - [x] No, it is part of public records available to the general public. - [ ] Only accessible to government officials. - [ ] None of the above > **Explanation:** Information about the owner of record is part of public records, making it accessible to the general public for legal and informational purposes.
Sunday, August 4, 2024
Owner's Title Policy
Owner Occupant
Allodial System January 1, 1
Certificate of Title January 1, 1
Document Recording January 1, 1
Evidence of Title January 1, 1
Grantor/Grantee Index January 1, 1
Hidden Defect January 1, 1
Mortgagor’s Title Insurance January 1, 1
Possession January 1, 1
Record Owner January 1, 1
Unrecorded Deed January 1, 1

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