Spring is the start of the peak home buying season. According to industry experts, the four most active months for residential home sales are May, June, July and August. There are many legal matters that come up when buying and selling a home. USLegal offers a Real Estate Handbook which covers everything from the contract through the closing.
A deed is an important legal document that is used in a real estate transaction. It conveys title (ownership) of an interest in a property from one person or business entity to another. Here are some common types of deeds to know.
General Warranty Deed – This deed provides the most protection to home buyers. Sellers essentially guarantee that they have sole interest and clear title to a piece of real estate and that they have the right to sell it. The guarantee is not limited to the time the seller owned the property. It extends back to the property’s origins. This deed is most commonly used in home sales.
Deed of Trust – A deed of trust is a document which pledges real property to secure a loan. It is used instead of a mortgage in some states. A deed of trust involves a third party called a trustee who acts on behalf of the lender. The trustee holds a legal interest in the property until you repay the loan. When the loan is fully paid, the trustor requests the trustee to return the title by reconveyance.
Special Warranty Deed – A special warranty deed is one in which the seller agrees to defend title against claims arising under him/her only. However, a seller does not guarantee against defects of title arising from conditions that pre-existed his/her ownership of the property. Homebuyers should be more cautious as they have less protection if they purchase a property from an inidividual through this type of agreement.
Quitclaim Deed – A quit claim deed contains no warranties and the seller doesn’t have liability to the buyer for other recorded claims on the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record. However, a person who obtains a mortgage is still liable for mortgage payments after executing a quit claim deed on the property securing the mortgage. The quitclaim is often used among family members or from one joint owner to another to clear title defects.
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Legal Definitions
Deed
A deed is a written, sealed and signed legal document delivered to affect a transfer of title or an interest in real property from one party to another. A deed should describe the real property; name the grantor (party transferring the property) and grantee (party to who transferred).
For more legal definitions, please visit our free online legal dictionary at http://www.uslegalforms.com/legaldefinitions/.
