Real estate deeds are part of the process of taking title in a property. Title is the right to hold an ownership interest in a property, the right is transferred through a deed. There are several common forms of deeds. Review the type of deed that you will receive from the seller of the property you are purchasing with an experienced real estate attorney.
-General warranty deed. This type of deed ensures the grantee (buyer) the greatest protection. Investigate the laws in your state pertaining to this deed type.
-Special warranty deed. This deed type offers the buyer two guarantees from the seller. The first guarantee is that the seller received title and the second one guarantees that the seller did not encumber (anything that lowers the value, use or enjoyment) the property during the time the seller owned the property.
-Bargain and sale deed. Has few warranties offered by the seller to the buyer. Buyers should require that title insurance be issued in conjunction with this deed.
-Quitclaim. If the seller offers this type of deed, buyers should understand that a quitclaim offers them the least protection of any deed type.
-Deed in trust, reconveyance deeds, and deeds executed pursuant to a court order are unique deeds and you should consult an attorney about their use in your state.
-In most states basic deed requirements include; the seller has the legal right to transfer the property, an identifiable buyer, a clause from the seller (grantor) conveying the property to the buyer (grantee), a legal description of the property (usually from a survey), consideration (something of value), and the signature of the seller. The seller must deliver a deed to the buyer and the buyer accepts. When all of these steps are completed the title to the property will be passed from the seller to the buyer.
Mark Nash is the author of Fundamentals of Marketing for the Real Estate Professional, Starting & Succeeding in Real Estate, Reaching Out: The Financial Power of Niche Marketing, and 1001 Tips for Buying and Selling a Home. Mark is a contributing writer for: Realtor (R) Magazine Online, Broker Agent News, Real Estate Executive Magazine, Principal Broker, and Realty Times. His tried and true real estate tips has been featured on Business Week, CBS The Early Show, CNN, HGTVpro.com, The New York Times, and USA Today. Purchase his books at http://www.1001RealEstateTips.com .
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