What is Deed?
Deed is a legal document. It shows the ownership of property and also legal rights. Deeds can be transferred to one and another (From the seller to the buyer). There should be name of both the seller and buyer a a deed to be legal. There should be signatures of the parties too. Deeds can be eityher private or official. Official deed are executed as a result of a regal ruling. Private deeds are between businesses or individuals. Each stat efor deeds may have different requirements. However there are several essential points for all. Those points are necessary for a deed to be legal.
What are the Essential Elements of Deeds?
Essensial elements of deeds are important because that’s the way they become legally valid. First things first, a deed must be in writing. Grantor must have the legal capacity to transfer the property. Only a person who is able to make a valid contract considered as a grantor. The property stated in the deed must be adequately described. Deeds must be in the legal language. Papers should be signed by the grantor. If there are more than one grantors, all of the grantors must sign the deed. The deed must be accepted by the granteee because in some cases deeds can be rejected by the grantee.
What are the Types of Deeds?
Types of deeds can be classified in numerous ways. Usually they are classified as private or official. Most property transactions are using private deeds. Deeds can be classified according to the type of title warranties. Types of the deeds can be general warranty deed,special warranty deed, quitclaim deed and special purpose deed.
What is General Warranty Deed?
General Warranty deed is preferred because it gives the grantee the most possible protection. Warrants have their right to convey the property. Also grantor promises to deliver any document requires to maket he title good. It is called covenant of further assurance. Special warranty deed on the other hand is different. Only defects arose during grantor’s ownership are warranted. This type of deed gives less protection comparing with general warranty deed. Usually people who purchase a real estate, insists on having a general warranty deed for their benefits. To sum up, a property’s transfer is made by a deed.