Unlocking the Secrets of Property Ownership with Deeds
A deed for your property establishes that you are the legal owner of that property. When you sell your building, the deed to that building will then be transferred to the new owner. There are several variations of deeds that property owners should be aware of.
Administrator’s Deed: An administrator’s deed is used by an estate to transfer property on behalf of the owner. This might be necessary if the previous owner has passed away or cannot be located.
Deed of Trust: Having a deed of trust means you give your lender the right to foreclose on your property. This is different from a foreclosure because you are voluntarily giving up your home. It helps keep your credit score relatively intact as well.
General Warranty Deed: This deed provides the highest level of protection to the buyer, ensuring that the property title is free and clear of any encumbrances.
Quitclaim Deed: This simplifies transfers when no money is involved, and the grantor gives up any claim to the property without making any guarantees.
Make sure you have a copy of any deed you acquire at all times. It will help you if there is ever a dispute over the ownership of a property.
Related Terms: mortgage, title search, property rights, foreclosure.
