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If you acquire property through a Quitclaim Deed and someone else challenges your title to the property later, the Quitclaim Deed may not be worth the paper it is written on. Real property refers to land and anything immovable that is attached to that land. Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.
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A deed is the document you use to sign over title ownership to someone else. A deed is the paper you put into the public record as evidence of owning title to your home. The person granting the ownership right or interest is the grantor, and the person receiving it is the grantee. The quitclaim deed, also called a non-warranty deed, offers the grantee the least amount of protection. This type of deed conveys whatever interest the grantor currently has in the property—if any.
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These deeds are filed with the local government and are kept as public record. There are many types of property deeds, each with its own unique use – from warranty deeds used to transfer residences in sales to deeds used to transfer inheritance. A general warranty deed is used in many real estate transactions because it’s one of the most secure types of deeds. Ensuring that the grantee has a clear right to the property, a general warranty deed makes certain that the property is absent of any liens, encumbrances and debts. With a general warranty deed, the buyer can have total confidence that they have complete legal ownership of the property.
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As in the Executor’s Deed example, the municipality offers this type of deed to indicate that the deed is being issued by someone in their official capacity. They have no personal knowledge of the property or its title and they’re making no warranties. A general warranty deed differs from other deeds because it guarantees that there are no other claims to the property. Home buyers should ask sellers to purchase title insurance for the benefit of the new owners to back up their warranty.
That’s because a special warranty deed only guarantees that there are no problems with the title during the grantor’s ownership period. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site.
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Common uses for Grant Deeds are real property sales that do not use mortgage financing, and when transferring property as a gift or to a trust or business. The spouse leaving the home will file a quitclaim deed to publicly make clear that they no longer have an interest in the property. You’ll need to pay a fee, which varies depending on your location. Additional fees may be charged depending on how you pay and whether the office has to perform a records search. Chain of title represents the complete and unbroken ownership of a property.
For example, you’ll need to understand the difference between being pre-qualified and preapproved for a mortgage. Read on as we explain what a house deed is and why you’ll need one in order to close on a house. Consider working with a financial advisor as you consider whether to rent, buy or sell a residence. House property deeds can be further classified by the amount of protection they provide homeowners.
If you don’t have this information, there may be additional records search fees. You can think of a Grant Deed as a pared-down version of a Warranty Deed or a Special Warranty Deed. Like these other deed forms, in a Grant Deed the grantor guarantees to have clear title to the property and promises not to have sold the property to anyone other than the grantee.
This way, they don’t have to track the prior owner down to defend them should a claim arise. Title refers to the broader legal concept of the property rights and responsibilities that come with the ownership of real property. While putting together a deed may be the work of a real estate attorney, this service is also often provided by title companies. Before the grantee accepts the deed at closing, their attorney will perform a title search to ensure that the property is free of liens, debts and encumbrances. The deed, along with the grantee’s mortgage lien, must also be filed with the recorder’s office in the county where the property is located. A bargain and sale deed only states that the seller holds title to the property; it does not protect the buyer from liens or debts.
A quitclaim deed is also sometimes referred to as a warranty deed. It offers the grantee the least amount of protection, doesn’t make any promises regarding the title and offers no legal recourse if there is a problem. A special warranty deed guarantees a certain amount of protection for the grantee but not as much as a general warranty deed.
General warranty deeds include promises that provide homeowners with the most support and make the former owners responsible for defective titles and other ownership issues. But under special warranty deeds, grantors are only liable for problems that appeared when they owned the property. House deeds are documents that identify the property owners and their rights. If you’re buying a house, it’s best to consult a real estate attorney if you have questions about the protections and warranties included in your deed.
A house deed is an important legal document that transfers the title, or ownership of a property, from the seller to the buyer. Most home sales involve the use of private deeds, and different types of deeds offer various levels of protection for both the buyer and seller. A real estate attorney is likely the best person to advise you on your particular situation. A property deed is a physical legal document used to transfer ownership of real property between parties. Where title is the concept of ownership rights, a deed is the physical proof.
The estate’s executor will distribute the assets and use this deed to transfer the property to the estate’s heir(s) without any warranties as to title. When a property owner passes away, their will enters probate and an executor is appointed to oversee the estate. However, an executor would be unwilling to make any warranties on the deed they offer to a home buyer or an heir. You’ll need to produce the deed to demonstrate ownership of the home that will be used to secure the refinance loan. That’s a simple matter of going through the documents you received when you purchased the home or ordering a certified copy from your municipality’s Property Clerk.
If there’s an issue with a property’s title, the new owner can’t use the deed to take legal action against the former owner. The basic purpose of a deed is to transfer title ownership interest in real property to another, but a Quitclaim Deed does not transfer an interest from the grantor to a grantee. Rather, it reflects the grantor’s renouncing a claimed title interest in the property. A lien is a legal right to an asset that is used to satisfy a debt or obligation. In real estate, a lien is the right to seize and sell a property if a contract is not met. A mortgage is an example of a lien that is put in place automatically; the mortgage lender has the right to seize the property if the owner is unable to make their mortgage payments.
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