Title is the right to a specific real estate property, or ownership of a specific real estate property. When purchasing a home, buyers get a preliminary title report from an escrow agent after the contract has been accepted by both parties. This report identifies all parties with a legal claim to the property, which if any items need to be cleared from title, and if there are any easements or encroachments on the property. Once the property closes or transfer occurs, the buyers will receive a final title policy recording their names as the new legal owners.