What You Must Know on Deeds
A deed is legal document that in some jurisdictions may required to be sealed. It is a document in writing that grants some sort of right or privilege and is typically used for situations regarding the ownership of property and real estate. A deed will usually require the signature of the author, signature of witnesses, or that of notary public.
The quitclaim deed is a written legal document in which a person will refuse the right to or disclaims interest in regards to any piece of property or real estate. Quitclaim deeds are most commonly used in divorce settlements, where the one individual will give up rights to property and pass the claim along to his/her spouse.
A deed poll is a unique type of deed in the fact that it is technically not a contract for it only involves one party. Deed polls are most commonly used for the purpose of name changes, though such document is not needed in the United States for legal name changes. Deed polls are most commonly used in countries such as England, Ireland, New Zealand, and Hong Kong.
A tax deed, formally known as a tax deed sale, is a legal document that enforces the authorized sale of property or real estate conducted by the government due to the non payment of taxes. Tax deed sales will be conducted only after the owner of the property has been appropriately notified and given notice regarding the amount of time given to pay back taxes before the tax deed sale.
Deed forms refers to deed legal documents that are pre-printed and provided as a generic guideline regarding the information required in the various kinds of existing deeds. Deed forms can be provided by governmental agency involved in the deed procedures, or can be procured online as a way to obtain deeds without a person having to draft one him/herself.
Deed in Lieu
A deed in lieu, formally known as deed in lieu of foreclosure, is usually the last resort or option of a mortgage borrower. This deed will state that the borrower will give all interest in the property or real estate over to the lending company or institution as a form of payment of a loan that is in default. The deed in lieu of foreclosure will avoid possible foreclosure proceedings, though may have a negative impact on the borrower in terms of credit history.
Deed of Trust
A deed of trust is essentially a legal document that is used as evidence or as record in regards to a debt. The deed of trust acts as the record of the transfer of a title to property or real estate to a third party, such as title company, which will hold on to the deed of trust until a borrower pays off a loan in full. Once the loan is paid, the deed of trust is passed on to the borrower, making him/her the legal owner of the property.
Life Estate Deed
A life estate deed, also known as a “lady bird deed,” is a legal document that gives exclusive rights to the owner of property or real estate to sell or use such property as he/she sees fit, regardless of who is to inherit such property after the person’s death. This allows for a much smoother process of transferring property to heirs and may avoid having to undergo probate procedures.
A deed search is when an individual conducts research regarding the title deeds to particular piece of land or real estate. A deed search will allow a person to view how such property has been transferred from its inception to current day. Aside from being able to know information regarding previous owners, it can also provide for history in regards to the condition of the property as well.
A grant deed is a legal document that is commonly used to transfer a title deed to a piece of property or real estate. The grant deed makes two important guarantees: that the land itself is owned outright by the stated owner, and that no other person has a vested interest in the property, and that there are no liens or mortgages on the property at the time of transfer of ownership.
A title deed is one of the most important types legal documents for it is used as evidence of ownership of property or real estate. Title deeds may also be used to prove ownership of other types of property, particularly motor vehicles. Title deed will describe the property as well as provide for the name of the proper owner.
Grant Deed vs. Title Deed
Grant deeds and title deed may often be confused due to the fact that they both deal with the ownership of property. However, grant deed is a document that is used to transfer a title deed, and does not necessarily prove ownership. A title deed, on the other hand, is the actual proof or evidence regarding the ownership of property.
Deed of Variation
A deed of variation, also known as a disclaimer of interest, is a legal document which is drafted in the case that an individual wants to refuse or renounce the right to an inheritance. There are many reasons as to why a person may want to refuse an inheritance, though the most common may be that such inheritance may create increase in income taxes.
Deed of Assignment
The deed of assignment is a type of legal document that is involved in the transfer of ownership. It is used when there is a sale of property of real estate, though the actual title deed is not available at the time of the sale. Therefore, the deed of assignment essentially acts as a substitute for the title deed until the deed can be furnished to the appropriate party.
A warranty deed, also known as a grant deed, is a legal document in which the seller or grantor of real property guarantees in writing to the buyer or grantee certain claims. These claims are that the owner is the proper and legal owner of the property, having the right to sell such property underlaw, and that there are no mortgages or liens against such property.
Deeds are usually most commonly applied in regards to property and real estate, however, deeds can be used in other fields. A partnership deed is used in business, which is a legal document that acts as an agreement between two or more parties in regards to a business or company that the involved parties are creating.
Contract for Deed
A contract for deed is a legal document that essentially acts as an outline in regards to the eventual purchase of property or real estate. This agreement may entail the buyer making payments on the main balance of the property in order to occupy the land, while a down payment is deferred for a specified period of time, typically twelve months.
Land Deed Records
Land deed records refer to deeds of property that have been registered with the appropriate governmental agency and are kept on file for public use. Land deed records can be searched by individuals at any time, and is usually an undertaking that is done in the process of purchasing a home to have an insight to the history of the property.
Property deeds are legal documents that are used in real estate dealings which signify the ownership over a piece of land or real estate property. Property deeds are essential in the transfer or sale of property because they appropriately signify who the lawful owner of the property is, and also provide for a record in regards to previous owners as well.