Buying and selling real estate can be a highly complex matter. There are many types of documents that you need to know about.
The deed is the proof of ownership of the house or land. The deed is a legal instrument that shows who owns the home and land. There are many kinds of deeds, from the warranty deed, special warrant, bargain and sale deed, and quitclaim deed. Even though they have some similarities, these deeds also have many differences.
Table of Contents
- The Deed Shows Home Property Ownership
- Different Types Of Deeds
- A Property Title Explained
- Related Questions
The Deed Shows Home Property Ownership
The deed is the legal instrument that shows that you have property ownership of your home or land. Like many other things in real estate, there can be many types of deeds for a property.
The deed is a legal document that grants the holders of the deed a piece of real estate or real property. The deed will transfer the property’s title to a new owner and prove that you own the property.
The document you need is the deed if you are looking for absolute proof of property ownership.
The deed is usually recorded in the local county clerk’s office. Not all deeds are the same, as different jurisdictions will require other elements of a valid deed.
Most deeds will have the following on them:
- Grantor Name – This can be an individual name or legal entity.
- Grantee Name – This can be the individual name and legal entity.
- Property Legal Description – The deed should have a legal description of the property.
- Affidivant of Consideration
- Warranties
- Signatures
If you want to know who owns the deed to the property or to find your deed to your property, you can usually find the deed at a local county clerk’s office where the property is located.
Different Types Of Deeds
There can be different types of deeds. The major types of deeds include the warranty deed, special warrant, bargain and sale deed, and quitclaim deed.
Each of these deeds means the following:
- Warranty Deed – A Warranty Deed provides full warranties from the grantor to the grantee. Essentially this means that the seller has the good property and is free from claims or encumbrances.
- Special Warranty Deed – A Special Warranty Deed does not warrant any title matter before the seller owns the property they are selling. An example would be if a title defect arose before the seller bought the house, and the seller did not know or was not aware of the defect. If the seller sells the home to a buyer for a Special Warranty Deed, the buyer cannot sue the seller for the title defect. The special warranty deed is a deed found in commercial transactions because commercial property sales usually rely on title insurance, not the seller’s warranty.
- Bargain And Sale Deed – The Bargain and Sale Deed is a deed that makes no warranties that the property has a clean title. Government entities commonly use the Bargain and Sale Deed.
- Quitclaim Deed – The Quitclaim Deed is a deed that also makes no warranties that the property has a clean title. In a Quitclaim Deed, the grantor “quitclaims” the grantee. When most people see the Quitclaim Deed, they assume something is wrong with the title or the deed. Many times the Quitclaim deed is used to transfer between the family members.
Though there are many types of deeds, the principal deed that most people want to have is the Warranty Deed. The Warranty Deed ensures that the property is free from claims and encumbrances.
But even though the Warranty Deed may be the deed that most people want to have, there may be circumstances and reasons why some of the other deeds would be used.
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A Property Title Explained
A property title is not a deed, but you hold a title to a property through the legal instrument of the deed. The title is what constitutes the legal basis of ownership.
The title is what shows that you have absolute ownership. The deed represents the title by showing documentary evidence of ownership.
Even though Titles and Deeds are not precisely the same, they are both essential to show proof of ownership, but the deed is the documentary proof of the legal document to show and give evidence of who owns the property.
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Related Questions
The Real Estate Bundle Of Rights Explained
A bundle of rights is your right as a property owner. All the different rights you have to your property as the rightful and outright owner. It is essential to understand these rights and whether you have full access to all your rights or if there may be HOA or local laws that may put exceptions onto your bundle of rights.
By clicking here, you can read more about The Real Estate Bundle Of Rights Explained
The Legal Description Of Property Importance In Real Estate
The legal description of the land or property is a written record that will show precisely what land it is yours. It is a legal document that can be used if a legal dispute over land arises. There are three basic methods by which boundaries are shown for lands Rectangular Survey System, Metes and Bounds, and Blocks and Lots.
By clicking here, you can read more about The Legal Description Of Property Importance In Real Estate
