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The Quick Facts on a Deed of Trust

The Quick Facts on a Deed of Trust

 
 A deed of trust is a written legal document that is commonly used in real estate. A trust deed essentially is a record of debt, in which the title of property is transferred to a third party to hold until the loan amount is paid off in full. A trust deed will also function as the document of title in terms of public record. 
 
 
Trust deeds are similar to mortgages in the fact that there is a borrower and lending party. Most states will tend to use the mortgage system for financing homes, though California, for example, will often times use a deed of trust. The main difference between a mortgage and a deed of trust is that there will be a third party involved, often times a title company. 
 
 
The title company is in charge of securing and keeping the trust deed as security for the lending party or company. Once the mortgage or loan is paid in full, the title company will then release the trust deed to the purchaser, and thus, also the title of owner ship of the property. Even though trusts deeds will be in the possession of the trust company, the actual title will still belong to the purchaser, as long as the payments are being made as required and the loan is not in default. The trust company will usually be a silent third party, only taking necessary action when there is a default in the loan. 
 
 
The trust company will be in charge of notifying the borrower regarding the back payments, which are to be made in full. If the notifications will not produce repayment, the lender will then have the authority to sell the property in order to pay off the loan. 

Life Estate Deed Explained

Life Estate Deed Explained

A life state deed is a type of legal document that is used in the United States in regards to the managing of real estate by the owner. Also known as a “lady bird” deed, the life estate deed is used to define the rights of a real estate or property owner stating that such person will have the right to use and/or sell the property until he/she dies. This process also allows for a smoother process when it comes to transferring the property to heirs in the event of the owner’s death, usually because it is effective in avoiding the probate process. 
The life estate deed is a unique type of legal document in the sense that it grants the property owner extended rights. The life estate deed will contain a clause in which it gives the owner the right to sell or transfer the real estate property without needing any consent. In other words, even if the property is meant to be willed to heirs in the event of the owner’s death, the owner will maintain the right to sell or transfer the property at any given time and at his/her choice. 
When considering a life estate deed, it is important to consult with the state or local regulations and laws, for not all states will allow the use of a life estate deed. However, some states that do allow life estate deed procedures are California, Florida, and Texas. 

Is it Easy to Conduct a Deed Search?

Is it Easy to Conduct a Deed Search?

Deeds will contain information regarding various kinds of assets, particularly real estate and property. Deeds can provide for an accurate record in regards to the history of property and even land values. 
A deed search may prove to be valuable tool for many doing research in terms of historical records and similar applications, though a deed search is most commonly used by those seeking to invest in real estate. Because a deed search can provide for a history regarding the various owners that may have at one point owned the property, it can give a potential buyer information regarding the overall history of the home or land. 
Conducting a deed search will require a degree of patience and time, though the results may prove beneficial in terms of making a decision to purchase a piece of land or real estate. A deed search can be done in different ways, though the most common will be to physically go where the local records of the town or city are kept. 
However, an easier approach will be to use the internet, for there are various services available that will conduct a deed search, usually for a fee. Conducting a deed search will usually provide for useful information, particularly in regards to the prices of previous transactions. Furthermore, in some cases, there will be photographs available, which can help provide for a chronological view as to how the property has changed and been maintained over the years. 

A Quick Overview of Grant Deeds

A Quick Overview of Grant Deeds

A grant deed is a legal document that is most commonly used in real estate dealings. The grant deed will allow for the legal transfer of the ownership to title from one party to another. In such case, the parties are defined as the grantor, the party transferring the title, and the grantee, the party receiving the title. When a grant deed is used, it will define that the grantor will be either giving the title or an interest in the property to the grantee, which will carry two particular guarantees. 
The first being that the grantor is the proper owner of the property or real estate that is being transferred, and that there are no other parties that have a stake in ownership or interest in such property. The second is that no other party has a legal right to the property, or a lien placed against it. Upon signing the grant deed, the grantor will give up all rights to the property, any vested interest, and ownership.
Though the two guarantees of grant deed will tend to be universally applied, there may be other variations regarding the contents and provisions of a grant deed. An example may be a jurisdictional requirement to have a proper description of the property that is being transferred. Furthermore, the signing of a grant deed may also require that witnesses be present, normally being a notary public. However, most grant deeds will not necessitate notarization in most states. 

Title Deeds at a Glance

Title Deeds at a Glance

A title deed is a legal document that is usually used as evidence and proof of ownership over property. However, title deeds can be used for other kinds of property, most commonly in the case of vehicles. Aside from ownership, a title deed will also infer certain rights associated with ownership, such as any privileges and conditions of ownership. 
Furthermore, a title deed will usually be needed in the case that property is to be transferred another person or party, in order to properly provide for the transfer of ownership and associated rights.
The information contained within title deeds may prove to be different depending on various factors, particularly in regards to what kind of property it is in reference to. However, there are certain qualities that will usually be found in a title deed, such as a description of the property.
The property must be explicitly and accurately described in such a way that there can be no confusion as to what the property is. Also, the owner of the property will also be named in the title deed. 
Even though the title deed is meant to imply ownership, it will not always be the case. The most common example can be in the case that a person purchases a home with a loan. Even though the this person may inhabit the home, the lending institution or bank will be the actual owner of the property until the loan is paid in full. 

Difference Between a Grant Deed and Title Deed

Difference Between a Grant Deed and Title Deed

A grant deed and title deeds may prove to be somewhat similar for they both will deal with aspects regarding ownership of property or real estate. However, there is quite a significant difference between the two, for they both signify different things. 
Title deeds are documents that essentially provide for proof of ownership over property, real estate, and in some cases, vehicles as well. Property or real estate will be described in full and the owner’s name and signature will also be included in title deeds. 
A grant deed, on the other hand, will not necessarily provide for proof of ownership. A grant deed is the legal document that is used to indicate the transfer of property or real estate from one party to another. A grant deed will act more along the lines of a contract, where the involved parties, the grantor and grantee, will abide my certain provisions in order to secure the transfer of ownership of the property at hand. 
In other words, the grantor gives up the rights of ownership to the property and transfers them to the grantee, effectively making him/her the new owner. The grand deed is essentially the document that legally allows for the transfer of title deeds between two parties. 

Deed of Variation Explained

Deed of Variation Explained

A deed of variation is a legal document that is sometimes used and implemented in statutes regarding wills, trusts, and inheritance procedures. The deed of variation, also known as a disclaimer of interest, is actually a document that will essentially refuse the acceptance of any inheritance that is provided for in a will or trust. 
A disclaimer of interest may be enacted for various reasons, though they may all revolve around the simple fact that the inheritance will create some sort of inconvenience to their would-be heir. An example would if the inheritance were to have an effect on income taxes that would need to be paid as a result of inheriting an asset or property. 
The deed of variation would, in such a case, would treat the would-be heir as if they had died before the will or trust would come into effect. The reason for this may be for that person’s own children or relatives to be able to take his/her place, and thus, possibly benefit from the inheritance and no gift tax would be applied. 
Disclaimer of interest documents must be made and writing and properly submitted to the appropriate court of law overseeing the administering of the will or trust. However, a deed of variation must be filed within a certain amount of time after the death of the person which has created the will or trust. 
Typically speaking, a deed of variation must be filed within nine months after the death of such person in order to legally and properly refuse the inheritance. In the case that the inheritance or trust is created by a person still living, a disclaimer of interest must be filed within twelve months of the creation of the trust.