Types of Property Deeds
In Real Estate there are legal documents to transfer ownership known as Property Deeds. If you are looking for Preliminary Title reports and U.S property records, you do not have to go to each municipality to find out a login is blocking you. Search who owns that property, if there are any liens, download document images and reports all in one application, no contracts, cancel anytime.
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Depending on the property, you may encounter several types of Deeds:
- Grant Deed: A grant deed is used to transfer ownership of real property from one party to another. Like a warranty deed, a grant deed typically includes certain guarantees regarding the property’s title, but the guarantees may vary depending on state law. Grant deeds are commonly used in many states, including California.
- Deed of Trust: It transfers the title of an asset from a trustor to the trustee for the benefit of a third party, known as the beneficiary. Most often, a deed of trust is used instead of a mortgage, acting as security against a loan that a trustor has transferred to a trustee. The trustee holds the property until the borrower has paid off the debt
- Mortgage Deed: Is document signed between a homeowner and a bank or lending institution, allowing this institution to put a lien on the property if the loan is not repaid. This deed secures property as collateral for a loan — meaning a “mortgage payment” is paid towards a loan debt, with the house serving as security in the event of a default.
- Quitclaim Deed: A quitclaim deed is a legal document used to transfer whatever interest or title a grantor (seller) may have in a property to a grantee (buyer). Unlike warranty deeds, quitclaim deeds do not offer any warranties or guarantees regarding the property’s title. They are often used in situations where the transfer of ownership is less formal, such as transferring property between family members or correcting errors in a title. It offers little legal protection to the recipient.
- Warranty Deed: A general warranty deed guarantees that the seller has the full legal right to sell the property, and that the property is clear of any debts, liens, or any encumbrances. A special warranty deed guarantees that the property was not somehow encumbered during the time when the grantor had ownership.
- Special Warranty Deed: A special warranty deed is similar to a warranty deed but with a more limited guarantee. The grantor warrants only against defects in title that occurred during their ownership of the property, rather than throughout the property’s entire history. Special warranty deeds are commonly used in commercial real estate transactions or when the seller wants to limit their liability.
- Bargain and Sale Deed: It offers no guarantee that the property is free of debts or liens. This type of deed is often used in tax or foreclosure sales, where the seller may not have complete knowledge of the property’s history or condition. It only states that the grantor is the titleholder, and little else.
- Trustee’s Deed: A trustee’s deed is used to transfer property held in a trust to a beneficiary or another party. It is typically executed by the trustee of the trust and may include certain warranties or guarantees depending on the terms of the trust agreement.
These are just some examples of the several types of Deeds, depending on the transaction. You can research properties nationwide and find Real Estate Title Deed Download
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