House Deed: What to Know About Property Deeds
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Although these conversations can be difficult, it is very important to have them, so you may want to have someone neutral help to facilitate the discussion. Joint tenancy allows two or more co-owners to share equal, undivided interest in a property. Say, for example, somewhere along the chain of title on a home, the property was sold when it was supposed to be willed to some long-lost heir. Then a few years later, this long-lost heir comes a-knockin’ at your door – or rather, their door. The latest real estate investing content delivered straight to your inbox.
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When you purchase a home, property ownership shifts to the buyer from the seller. There’s a lot of paperwork involved to make this official, but when everything is finalized, you’ll get your new house deed. As a lawyer of 27 years, I have a great deal of experience handling many different types of legal projects.
What’s The Difference Between A Property Deed Vs. Title?
A title search will usually catch these things and prevent the sale from moving forward until any issues are resolved and the title is clear. If a problem with the title comes to light after you’ve purchased the home, title insurance could protect you from any related financial loss. Once the deed is signed, it must be recorded with the appropriate government office. This is typically the county recorder's office where the property is located. Both the current owner and the new owner will need to sign the deed in the presence of a notary public to make it legally binding.
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You may also hear the term “property title” and wonder how it’s different from your house deed. The term title is conceptual in nature and describes the legal ownership or claim a party might have to a piece of property. The deed is the physical manifestation, a legal document, that proves this property interest.
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The buyer typically pays these costs as part of their closing costs. This document is typically filed with the county or city where the property is located. You can request a copy of the deed from the local land records office.
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If they sold the house, it would be taxed based on its value at the time of the previous owner's death. Instead, it’s a concept used to describe an individual’s legal right of ownership of a property. Typically, the entity that performs this search during a home purchase transaction is a title company.
They can fall into a variety of different categories, and there are certain nuances to each that you may not be familiar with. This article will review what a house deed is and how it affects your property rights as a homeowner. Simply visit your respective local office and file your request for a copy of the deed. You may be required to fill out a form and pay a small fee (usually priced per page) for the copy. If you’re lucky, you may be able to conduct your deed search online, if your county office provides a web-based search portal.
The Fidelity Estate Planner® will guide you through the estate planning process—for free. It's important to come up with a plan that makes sense for you and your heirs and to create an efficient strategy to execute it. This process helps ensure that the owner decides who inherits the property.
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Ensuring that the grantee has a clear right to the property, a general warranty deed makes certain that the property is absent of any liens, encumbrances and debts. With a general warranty deed, the buyer can have total confidence that they have complete legal ownership of the property. Special warranty deeds and quitclaim deeds don’t offer grantees the same protection. A property deed is a physical legal document used to transfer ownership of real property between parties. Where title is the concept of ownership rights, a deed is the physical proof.
You should also be wary of buying a property without a title deed. First, a title deed establishes the rightful owner of a property. Nowadays, though, registered title deeds are stored electronically, so you can easily obtain a copy. Regardless of how you obtain a copy, your deed must be stamped as a certified true copy of the original document. An absolute or perfect title gives you an indisputable right of ownership over the property. It is completely free of liens, deficiencies, and any other encumbrances.
Further, there is plenty of discussion regarding different types of deeds, how they work, and which ones offer the best levels of protection for the buyer. A deed works by transferring ownership rights from the grantor (or seller) to the grantee (buyer). This is done through the seller and buyer signing the deed and it being notarized. Depending on state law, this is either done with a real estate attorney or a title company representative. The history of the transferring of ownership rights is known as the chain of title, and as you sign the deed to become an owner, you become part of that chain. House deed transfers are typically conducted at the time of closing and will typically be facilitated by a real estate attorney.
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