What term is used to describe the legal ownership of both real and personal property?

The term that describes the legal ownership of both real and personal property is "Title." In real estate terminology, title refers to the legal concept of ownership, encompassing the rights and interests a person holds in a property. When someone holds the title, they have the legal right to use, transfer, or dispose of the property as they see fit, subject to applicable laws and regulations.

Understanding title is crucial in real estate transactions because it establishes who the legal owner is and what rights are associated with ownership. Title is evidenced by documentation, often a title deed, which is a formal legal document that confirms ownership of the property. The title also encompasses personal property when it is associated with the real estate, outlining all aspects of ownership.

Other terms, such as a deed, pertain to the formal act of transferring ownership but do not themselves denote ownership. A lease refers to a contractual arrangement to use a property, but it does not confer ownership. Thus, the correct understanding of "title" is fundamental for anyone involved in real estate, as it clarifies who has legal authority over both real and personal property.