OfflineI am posting this for those that need a clearer understanding on the types of deeds that there are.
DEFINITION OF DEED
A deed is the written document which transfers title (ownership) or an interest in real property to another person. The deed must describe the real property, name the party transferring the property (grantor), the party receiving the property (grantee) and be signed and notarized by the grantor. To complete the transfer (conveyance) the deed must be recorded in the office of the County Recorder or Recorder of Deeds. There are two basic types of deeds: a warranty deed, which guarantees that the grantor owns title, and the quitclaim deed, which transfers only that interest in the real property which the grantor actually has. The quitclaim is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title. A written document for the transfer of land or other real property from one person to another. A quitclaim deed conveys only such rights as the grantor has. A warranty deed conveys specifically described rights which together comprise good title.
**************************************
Types of Deeds:
Warranty Deed
If a deed is intended to be a general warranty deed, it should contain a phase specified by state law such as the phrase "conveys and warrants". These words, called operative words of conveyance, carry with them several warranties which the grantor is making to the grantee. Examples of the warranties are:
First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.
Second, the grantor warrants that the property is free from all encumbrances or liens.
Third, the grantor warrants that he or she will defend title to the estate so that the grantee and the grantee's heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.
Quitclaim Deed
A quit claim deed conveys to the grantee and the grantee's heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are "convey and quit claim." There are no warranties of title.
Special or Limited Warranty Deed
In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. Like the general warranty deed, the special warranty deed should contain the appropriate language such as "conveys and specially warrants." Usually, the grantor warrants that he or she did nothing to impair title during the period the grantor held the title. While a special warranty deed may contain covenants of title, these covenants will usually cover only those claims arising by, through, or under the grantor.
Fiduciary Deed
This is a deed to be executed by a fiduciary such as a trustee, guardian, conservator, or similar person in their appointed capacity.
Security Deed
This deed is used, rather than a mortgage, to give a lender a security interest in the property. A security deed, as opposed to a mere mortgage, passes legal title to the land while reserving unto the debtor the equitable title to use and enjoy the conveyed land subject to compliance with debt obligations.
Release Deed
This deed, also known as a deed of reconveyance, transfers all of the rights granted to a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.
******************************************
HOPES THIS HELPS TO GIVE YOU CLEAR UNDERSTANDING ON DEEDS
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
to insure your interest in the property.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Hello DG Family and a happy investing year to all! Can anyone tell me how will I find and under what other heading is a lien on a property shown. Having problems find this information in a public record database on line. Thanks
Adopt and Overcome--- Semper Fi
Frank Baez
are on the property - tell them you want to invest in the property and they will help u out
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Hi Anita,
Thanks for this posting. I currently have a property under contract. The owner is deceased and the children do not know if a deed was issued when their father paid off the property to previous owner. Title company said that they have to located the previous owner to sign a warranty deed...but the problem is..that owner cannot be located either. Now the propery can't close. I wonder what can be done about this issue. Thanks.
Marizel
DEFINITION OF DEED
A deed is the written document which transfers title (ownership) or an interest in real property to another person. The deed must describe the real property, name the party transferring the property (grantor), the party receiving the property (grantee) and be signed and notarized by the grantor. To complete the transfer (conveyance) the deed must be recorded in the office of the County Recorder or Recorder of Deeds. There are two basic types of deeds: a warranty deed, which guarantees that the grantor owns title, and the quitclaim deed, which transfers only that interest in the real property which the grantor actually has. The quitclaim is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title. A written document for the transfer of land or other real property from one person to another. A quitclaim deed conveys only such rights as the grantor has. A warranty deed conveys specifically described rights which together comprise good title.
**************************************
Types of Deeds:
Warranty Deed
If a deed is intended to be a general warranty deed, it should contain a phase specified by state law such as the phrase "conveys and warrants". These words, called operative words of conveyance, carry with them several warranties which the grantor is making to the grantee. Examples of the warranties are:
First, the grantor warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property.
Second, the grantor warrants that the property is free from all encumbrances or liens.
Third, the grantor warrants that he or she will defend title to the estate so that the grantee and the grantee's heirs and assigns may enjoy quiet and peaceable possession of the premises with the power to convey the property.
Quitclaim Deed
A quit claim deed conveys to the grantee and the grantee's heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are "convey and quit claim." There are no warranties of title.
Special or Limited Warranty Deed
In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. Like the general warranty deed, the special warranty deed should contain the appropriate language such as "conveys and specially warrants." Usually, the grantor warrants that he or she did nothing to impair title during the period the grantor held the title. While a special warranty deed may contain covenants of title, these covenants will usually cover only those claims arising by, through, or under the grantor.
Fiduciary Deed
This is a deed to be executed by a fiduciary such as a trustee, guardian, conservator, or similar person in their appointed capacity.
Security Deed
This deed is used, rather than a mortgage, to give a lender a security interest in the property. A security deed, as opposed to a mere mortgage, passes legal title to the land while reserving unto the debtor the equitable title to use and enjoy the conveyed land subject to compliance with debt obligations.
Release Deed
This deed, also known as a deed of reconveyance, transfers all of the rights granted to a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.
******************************************
HOPES THIS HELPS TO GIVE YOU CLEAR UNDERSTANDING ON DEEDS
That's quite an interesting dilemma to have. Is there any type of reconveyance of title or PAID IN FULL receipt in any of the father's paperwork that was never recorded somewhere?
Deeds are legal documents that transfer the ownership of an asset (such as property) from one person to another; however, there are different types of property deeds for slightly different purposes. These are the most common types of property deeds:
Warranty Deed
Often used for residential real estate sales, a Warranty Deed acts as a guarantee to the buyer that the seller has the right to sell the property, and that the property is free of debt or other liens. The seller must defend the title against any and all other claims, and compensate the buyer for any unsettled debts or problems.
Special Warranty Deed
Differing from a Warranty Deed, the seller's guarantee does not cover the property's entire history. Generally, the seller only guarantees against problems or claims created during the seller's ownership of the property. A Special Warranty Deed is often used in commercial property transactions or residential real estate sales.
Quit Claim Deed
Most often used by family members, divorcing spouses, and people well-acquainted with each other, a Quit Claim Deed allows one party to transfer property rights and claims to another party. Usually there is no monetary exchange. The extent and authority of the grantor's interest or claim to the property is unspecified, and the grantee is not provided with a guarantee.
Bargain and Sale Deed
Typically used in residential real estate sales or sales of court-seized properties, the Bargain and Sale Deed transfers ownership of a property from the seller to the buyer. It generally does not guarantee to the buyer that the seller owns the property free and clear. A Bargain and Sale Deed resembles a Quit Claim Deed, but the property is sold rather than relinquished.
Grant Deed
A Grant Deed transfers interest in a property from the seller to the buyer in exchange for an agreed-upon price. While the Grant Deed guarantees that the seller owns the property and is legally able to sell it free of debt, it does not provide a guarantee against defects of title (unlike the Special and General Warranty Deed). This type of deed is commonly used for residential real estate sales.
If you need more help deciding which type of property deed to use, it's a good idea to find a real estate lawyer in your area who can help.
randy Bailiff
Dean Graziosi Investment and Life coach
Deed for Bargain and Sale
The riskiest form of instrument to convey real property is the bargain and sale deed. This deed is often used to convey property that is purchased at sheriff's sales and foreclosure auctions. While the bargain and sale deed does indicate that the grantor is the legal titleholder to the property, it does not guarantee that the title to the property is clear.
If the property is purchased through a sheriff's sale or auction, information regarding any past due ad valor-em taxes is made available to potential buyers. This deed is also referred to as a "bargain and sale without covenants."
Randy Bailiff
Dean Graziosi Investment and Life Coach