Definition
A Record Owner, also known as an Owner of Record, is the individual or entity listed as the current legal owner of a property or an asset in public records. This designation is used to identify the lawful holder of rights to a property, and it is officially recorded in public documents such as the title deed or property certificate. Ensuring that the record owner is accurately represented is crucial for legal, financial, and administrative purposes.
Examples
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Home Purchase and Transfer: When Jane buys a house, her name is added to the public records as the record owner, reflecting her legal ownership. The title deed at the county recorder’s office documents this change.
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Corporate Real Estate: ABC Corporation purchases an office building. The corporation’s name appears in the public records as the record owner, ensuring that legally, the building belongs to ABC Corporation.
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Inherited Property: John inherits a piece of land from his grandmother. To finalize the inheritance, John’s name is registered in the public records as the record owner, confirming his legal ownership.
Frequently Asked Questions (FAQs)
What distinguishes a record owner from an actual owner?
A record owner is the individual or entity listed in public records as holding legal title, while the actual owner could be someone who may have a beneficial interest in the property but is not documented in official records.
How can one verify the record owner of a property?
You can verify the record owner by searching public records at the local county recorder’s office or through online property record databases.
Can the record owner be different from the person occupying the property?
Yes, the record owner can differ from the occupant of the property. For instance, tenants may occupy a rental property, but the record owner is the landlord documented in public records.
What happens if there is a discrepancy in the record ownership?
If a discrepancy in record ownership is found, it may require legal intervention to resolve. This often involves correcting or updating records to accurately reflect rightful ownership.
Can a record owner transfer their rights to another party?
Yes, a record owner can transfer their rights by executing a deed that is recorded in public records, updating the information to reflect the new owner.
Related Terms and Definitions
- Title Deed: A legal document that proves ownership of property.
- Beneficial Owner: The individual who enjoys the benefits of ownership, even though the title may be in someone else’s name.
- Public Records: Official documents accessible to the public that contain information about legal actions, property ownership, and other matters.
- Deed: A legal document that indicates the transfer of property from one person to another.
- Leasehold: A property interest where the occupant has a lease but not ownership of the property.
Online Resources
- County Recorder’s Office Locator: Find your local county recorder’s office to access public records.
- Free Public Records Search: Access various public records, including property ownership.
- Property Records Access and Search by State: Directory for accessing property records by state.
References
- Black, Henry Campbell. Black’s Law Dictionary. Thomson Reuters.
- Shepard, David A. Real Estate Transactions and Due Diligence. American Bar Association.
- Miller, G. Understanding Property Law. LexisNexis.
Suggested Books for Further Studies
- Hinkelman, Edward A. Homeowners Guide to Real Estate Law. Nolo.
- Garley, Jan. Principles of Real Estate Practice. CreateSpace Independent Publishing.
- Weaver, Charles E. Real Estate Investing for Beginners. HarperCollins.
