Deedsto property are the legal documents that are used to transferproperty from one holding party to another. They always need to beexecuted by a notary, and recorded at the respective CountyRecorder’s office. Once these two steps are completed, those who arenamed on the deed own the title to said property, and a new deed hasto be executed in order for the transfer of ownership to smoothlytake place. Very specific pieces of information such as theproperty’s description, the lines of the property, who the grantorand grantee are, and the addresses of the parties involved are veryimportant, as well as the words of conveyance.
Thetypes of deeds that are used most often are quit claim deeds andwarranty deeds, and they are used when the grantor guarantees thatthey have ownership to the property, free and clear. When thisoccurs, the grantor also guarantees that they have the ability totransfer the title, and a limited warranty deed limits the time thatthe grantor was the actual owner of the property. When dealing with aa quit claim deed, the grantor guarantees that they are transferringthe title to what they do own in regard to a specific property, andsince no guarantee is offered, that the property also exists free andclear.
Thisis the type of deed that is commonly used when property istransferred when an estate inheritance takes place, when the ownerremoves their spouse from the deed, or when the property entity is inthe process of being transferred to a living trust. A life estatedeed is used to transfer real estate property directly to a newowner, who is after referred to as “remainderman”. If thetransfer occurs surrounding circumstances of death, the transfer ondeath deeds allow a property owner to clearly state a beneficiary whowill receive ownership of the property if the current title ownersuddenly is deceased.
Thereis a difference between a property deed and a title: the title is alegal way of saying that you own a right to said property. In realestate, you can have full or partial interest in any property bytitle. Once you are the one that has title, you can have open accessto the land, and modify it to your wishes. Title also means that youcan transfer that interest to anyone else you know, but cannotlegally transfer a portion larger than what you own.
Deedsare legal documents that will transfer the title from one person toanother, and must be written closely following the guidelines of theStatute of Frauds. At times, the deed is called a vehicle of theproperty interest transfer, and can exist as an allotment smallerthan you personally owned portion. Deeds are to be recorded in theassessor’s office or courthouse, and this is what renders them fullybinding. If you have failed to file a deed, it does change thetransfer status of the title, it just means it is considered“imperfect”. If this is the case, the owner will not undergomassive difficulty, it just means that the paperwork could be morecomplex. In nations that are unregulated such as Costa Rica, this canbe a problem, but the checks and balances in place in the UnitedStates will usually allow for the owner to remain in place, andinvestigate said paperwork for flaws.