All about Property Deeds - Part II

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs, Uncategorized

On an earlier article, the content of property deeds as a legal document was defined, the type of deeds commonly used in several  states where and the difference between a guarantee and warranty deed has been covered.

The second part of “all about property deeds” will differentiate and clearly define the remaining property deeds which will aid you in applying appropriate legal instrument in property transfer.

Quitclaim Deeds

These legal documents are use to communicate any interest that the grantor may have in the property. The grantor may never properly been identified or the grantor may be the legal owner on a deed describing the property being sold.

Quitclaims are often present during a divorce, this is to record or certify the property from one partner to the other. If a married person was able to acquire a property prior to marriage and holds the title under his or her name, this is an entitlement for a sole and separate ownership. The spouse whose name is not stipulated in the title may be requested to sign a quitclaim deed when the property is sold to another or a third party. It secures the possibility that the spouse who was not on the title or deed does not hold any ownership and demand for any claims to the property.

Tax Deeds

If a purchased property has unpaid property taxes, this is a common issue with a state covers several list of delinquent payers but still it varies from state to state. Back taxes payment being made by the current owner usually covers a tax deed to send title to the buyer.

Gift Deeds

Wealthy families or individuals are much more familiar with gift deeds. Exchanging of payment or money is passed on to as “love and affection” this means that for a certain property, it can be transferred without any form or exchange of money. Parents, an uncle or auntie, grandparents or anyone related to you can use it and assign the property as a gift deed.

Deed-in-lieu of Foreclosure

In a situation that a seller are behind in their monthly mortgage to the lender often discuss with a lender to agree to a Deed-in-Lieu of Foreclosure, which only means that the seller has certified or has deeded the property to the lender. This guarantee the lender security of the money borrowed and invested and same with the seller as this avoids any foreclosure. The downside of this binding document is that, this might be on view on a seller’s credit report. Maintaining your payment on your monthly mortgage erases the fear that you would resort to creating this deed.