Title is another word for deed and is a legal document that denotes ownership in a piece of property, typically a vehicle or house. When you finance such a purchase, your lender will hold the title until you have paid off your loan, at which point the title will be transferred to you through a process known as conveyance.
Oftentimes, prior to making a significant purchase, a title check will need to be done to ensure that the title is "clear," meaning there are no ownership disputes or encumbrances, such as an existing mortgage or governmental levy, attached to it.
Aside from ownership, a title may convey a number of other rights, including the right to put the property up as collateral for a loan, the right to enclose a property (e.g. put a fence around it), the right to allow others to use your property, etc.
It is important to remember that you do not fully own something until you possess its title. That's why it can be a good idea to transfer your remaining balance on a mortgage or auto loan to a credit card, if a credit card company will allow it. When you make a balance transfer, the credit card company pays off your existing loan, giving you all ownership rights in whatever property secured it. In other words, you will receive the title much earlier than you would be able to otherwise. Credit card debt is unsecured, so even if you fall behind on your credit card payments, you won't lose your property.
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