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Title Deed Extraction – Image download sample
Types of Deeds:
- Grant Deed: It transfers the interest in a property from the seller to the buyer in exchange for a agreed price. While the grant deed guarantees that the seller owns the property, it doesn’t offer the buyer legal protection against any title defects such as an: error in public records, errors in signatures, boundary dispute, undisclosed liens.
- 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. Essentially, 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 isn’t 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: Used to transfer property between familiar parties, such as family members. 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.
- Bargain and Sale Deed: It offers no guarantee that the property is free of debts or liens. It only states that the grantor is the title-holder, and little else.