What does the term 'title' refer to in real estate?

The term 'title' in real estate refers to the legal right to own, use, and transfer property. When someone holds the title to a property, it signifies their legal ownership and implies that they have the authority to make decisions regarding the property, including its use, sale, or transfer to another party. Having a clear title is essential for establishing ownership rights and is a crucial part of real property transactions, as it provides evidence of ownership and protects against claims by others.

The other options describe different concepts unrelated to the specific definition of 'title.' A temporary agreement between parties refers to a contract or a lease, which is distinct from actual ownership. A type of lease for commercial properties relates to rental agreements that dictate how property can be used but does not confer ownership rights. Lastly, a form of mortgage documentation relates to the financial aspect of purchasing property and securing loans rather than identifying ownership rights.