However, the deed itself is really only used for transfer of the property. When you have a title to a property, you also have various other rights that go along with property ownership, including the right to:. For example, if a married couple owns their home together, both of their names will often be on the title for the property. When this occurs, each spouse generally holds a one-half interest in the property. As property is held in such high regard in the United States, having a good title is critical when you transfer property.
These deficiencies make your ownership questionable because it is unclear whether the person who received the transfer after a gap did so validly. That is, the person transferring the property may not have had the necessary ownership rights to assign it. These concerns about titles lead to products such as title insurance, which will indemnify losses related to defects in the title to real property. Problems associated with the title become particularly relevant if there are encumbrances or debts that you are unaware of or did not agree to.
The kind of deed you can use to transfer property will depend on your title. The following is a brief list of the various types of deeds available to transfer property.
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The deed right for your situation will obviously vary based on your title and how the property is being sold. Some deeds are more common than others, with the most common variations being the general warranty deed and the quit claim deed. A general warranty deed is often considered the most common way to transfer real property. It is used when you are aware and confident that the title to your property is good and marketable.
It is most commonly used for residential real estate transactions. The guarantee not only applies to the seller, but it applies to all of the individuals or entities involved in the chain of title for that particular property. By providing a general warranty deed, you are also positively asserting that there are no debts or liens on the property. This concept may be confusing for some homeowners because they have a mortgage on their home. However, when you sell your property, your mortgage is often paid off with the proceeds of the sale, and may even transfer to a new property that you purchase.
This is part of the covenant to convey free of encumbrances. Obviously, there are many advantages to transferring property with a general warranty deed. If possible, buyers often strive to obtain this type of deed in their real estate transactions. Particular circumstances dictate the use of a special warranty deed , and it is sometimes used as a compromise between the buyer and seller so that the seller still receives some warranties. Unfortunately, not every property can be transferred with a general warranty deed.
There are often many unknowns for property transfer that could create problems for a title.
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In those situations, using a quit claim deed may be appropriate. That is, there is no assurance that the title the owner holds is valid and marketable. That means that the deal only transfers whatever rights of ownership that the seller has at the time of transfer. In most situations, the owner does have a valid ownership interest in the property, but still does not want to provide the warranties afforded in a general warranty deed.
Quit claim deeds can be concerning, but they are often the fastest means to transfer property. They essentially deal with potential title defects by avoiding addressing them altogether. Many title insurance companies will be reluctant to provide title insurance related to real property that is conveyed by quit claim deed. If you are considering purchasing a property through a quit claim deed, it may be helpful to ask the seller why he or she is using a quit claim deed as opposed to a general warranty deed or special warranty deed. The rationale may be something simple, or it could trigger red flags that may require you to rethink the purchase.
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Of course, it may be a good idea to simply avoid these types of deeds unless you have significant trust in the seller or his or her title. Special considerations for title insurance may be necessary as well.
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Part of the buying process includes an investigation into the title of the property. When you do not know the seller, this inquiry is often conducted by a real estate attorney.
The attorney will determine the legal status of the seller, which is particularly relevant when the seller is a business or trust. Maury County Events. Online Services. Resource Guide for Maury County. Search Our Catalog.
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