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Thane of the hold is a title bestowed after completing quests for a Jarl and his associates and by gaining respectability from the residents of the hold. The title itself is a person of great honor for that particular city, people will admire you in the streets and you may even have the guards turn a blind eye to crimes committed. A prerequisite to the title is that you must own property in that particular hold capital if there is a house to purchase; And help three to five citizens of that hold.