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The grantee also won’t be responsible for paying off any encumbrances found after taking ownership of the property. Even if the title defect occurred before the grantor assumed property ownership, the grantor is still legally responsible. House property deeds can be further classified by the amount of protection they provide homeowners. Below, we’ll examine the types of deeds you’re most apt to come across when making a home purchase or selling a house. When you purchase a home, property ownership shifts to the buyer from the seller. There’s a lot of paperwork involved to make this official, but when everything is finalized, you’ll get your new house deed.
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Deeds are the primary way homebuyers can indicate true ownership and protect themselves in points of real estate dispute. The buyer and seller of a property should always fill out a house deed to verify the transfer of ownership is accurately completed during a transaction. The deed should then be notarized and filed with the county recorder’s office to maintain public record. They transfer ownership of real property from a grantor (seller) to a grantee (buyer). Real property is land or anything attached to the land, such as buildings or roads. For a deed to be legally operative, it must include the identification of the grantor and grantee and an adequate description of the property.
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If yours is exempt, enter the Revenue and Taxation code that provides the exemption, and an explanation, then sign. If yours is not exempt, calculate the dollar amount and write it in. Consult an attorney or come to the Law Library to research appropriate wording. A transfer of ownership can get muddled even when a perfected deed has been filed. False deeds or deeds that contain errors can be filed that require clearing up with the record keepers. If a deed is not written, notarized, and entered into the public record, it may be referred to as an imperfect deed.
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If the property has an active mortgage on it, then the mortgage lender usually holds the property deed until the loan is paid off. Once the house is owned free-and-clear, the property deed is held by the owner. Last but not least, a real estate attorney or title company records the deed and issues it to the buyer if they are purchasing a home without a mortgage. A deed is the physical document that passes those ownership rights from seller to buyer and is usually recorded with the courthouse or assessor’s office. The title is someone’s right to legal ownership and use of a property, including the right to sell it.
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A deed is a signed legal document that transfers ownership of an asset to a new owner. Deeds are most commonly used to transfer ownership of property or vehicles between two parties. And finally, special purpose deeds are often used when the deed is owned by someone in an official capacity. These are similar to quitclaim deeds in that they offer no real protection for the grantee. A special warranty deed guarantees a certain amount of protection for the grantee but not as much as a general warranty deed. That’s because a special warranty deed only guarantees that there are no problems with the title during the grantor’s ownership period.
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Because of these reasons, a general warranty deed is the most common type of deed used to transfer title from seller to buyer in the US. 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. No warranties or promises regarding the quality of the title are made. Not only do they provide proof of ownership, but they are also a key legal instrument used to transfer property ownership from one party to another. Because different property transactions have different circumstances, there are a number of house deed types to choose from.
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Further, there are multiple types of property deeds to choose from, each of which serve different purposes for unique scenarios. This guide will go over what you need to know about property deeds, how they differ from property titles, and the different types of property deeds to choose from. A house deed is a legal document that grants you ownership of the new property.
But it doesn’t include the warranty that you’ll defend the title against other people who may end up having claims to it after the sale takes place. Title fees typically amount to 0.5%-1% of the property’s sale price. Note that a title insurance policy does not negate the need for a title search, but is issued regardless of the title search outcome. Typically the seller will pay for the buyer’s title insurance policy, while the buyer pays for the lender’s title insurance, but this may be up for negotiation.
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However, they can be used to transfer ownership of any type of real property, such as land. A property deed, or a house deed, is a legal record that indicates or transfers the ownership of a property, such as a home or land. The deed documents the ownership of the property, and identifies the property’s grantor (seller) and grantee (buyer). The grantor or both parties will need to sign this document for the property to legally change hands in a real estate transaction. From time to time, people confuse the terms “house deed” and “house title” because they both pertain to property ownership rights.
The document and the transfer of title are valid, but the related paperwork may need to be on file with the register of deeds to avoid a delay if there is a legal challenge. If you’re in the process of purchasing a home, you’ll receive a certified copy of the deed to your new house at the time the title gets transferred to you. 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. The spouse leaving the home will file a quitclaim deed to publicly make clear that they no longer have an interest in the property.
A tax deed is used when a property is sold by a municipality due to foreclosure for unpaid property taxes. 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. At this point, you may be wondering what your house deed will physically look like and what specific details it will contain. Get free, objective, performance-based recommendations for top real estate agents in your area. “Before we could sell the property, we had to make sure both siblings signed off on the title so it was free and clear,” says Brost.
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