When you are undergoing a real estate transaction, you will likely come across several unfamiliar terminology and concepts. You must gain clarity on anything that you are unfamiliar with because if you do not, you might make unwise decisions.
Property deeds come in many different forms, and they are a crucial legal instrument when transferring property. The following are some commonly asked questions regarding property deeds.
Are there different types of property deeds?
There are three common types of property deeds. Warranty deeds are the most common, and these involve the transferal of ownership with a guarantee that there are no claims of ownership of liens against the property. Grant deeds serve as a promise that the property has not already been transferred to another owner. Third, a quitclaim deed transfers all existing rights that the seller has over to the new owner.
What are the requirements when filing a property deed?
To successfully create a property deed, it is necessary for them to be notarized and filed. In some situations, you may also need a witness present. The deed needs to be filed by the party who is transferring the property. They should go to a notary and have the signing of the deed witnessed if necessary. After this, the deed should be recorded through a filing to the appropriate county office.
If you have questions about the type of deed you should have in place when buying or selling a property, you should conduct thorough research to explore your options. The right deed for you will depend on the condition of the property and the protections that you deem necessary.