Posted on: 27th May, 2004 11:42 pm
Deed is a legal instrument used to grant a right. It refers to a document used to transfer ownership of a property to another person. It provides the names of the old and new owners along with a legal description of the property being conveyed.
Is deed always required for property transfer?
The interest in the property cannot be conveyed without having a written documentation of the transfer. Hence a deed is most often required for the transfer of real property. However, in certain situations like a divorce, a document (a court order in case of divorce) other than a deed can be used to transfer property.
What can be done to make the deed valid?
In order to make the deed valid, one needs to follow the laws of the state or city. This is why it is better to use a deed prepared by an attorney who is aware of the legal aspects.
Generally there are two parties to a deed - the grantor transferring the property and the grantee receiving the title/interest conveyed. In most states, only the grantor has to sign the deed after which it is taken to the notary public who will sign and stamp it. The notary public verifies whether the signature on the deed is genuine. The deed is then recorded at the office of the County Recorder.
What are the different types of Deed?
There are various types of deeds required for different purposes in different states. A general idea about each type of deed is given below.
Is deed always required for property transfer?
The interest in the property cannot be conveyed without having a written documentation of the transfer. Hence a deed is most often required for the transfer of real property. However, in certain situations like a divorce, a document (a court order in case of divorce) other than a deed can be used to transfer property.
What can be done to make the deed valid?
In order to make the deed valid, one needs to follow the laws of the state or city. This is why it is better to use a deed prepared by an attorney who is aware of the legal aspects.
Generally there are two parties to a deed - the grantor transferring the property and the grantee receiving the title/interest conveyed. In most states, only the grantor has to sign the deed after which it is taken to the notary public who will sign and stamp it. The notary public verifies whether the signature on the deed is genuine. The deed is then recorded at the office of the County Recorder.
What are the different types of Deed?
There are various types of deeds required for different purposes in different states. A general idea about each type of deed is given below.
- Quit Claim Deed:
A document used to transfer any or all legal rights that the grantor has in the property. But the deed provides no warranty regarding the extent of the grantor's interest in the property. Know more
- Warranty Deed:
Through this deed, the grantor transfers all his rights on property to the grantee. Either it warranties clear title (title free of any lien or defects) to the property or whatever is stated on the deed. Know more
- Grant Deed:
It helps to convey legal rights to the grantee. It provides the guarantee that the title has not been transferred to any other person except the grantee and that the title is free from any lien attached to the property.
- Fiduciary Deed:
Using this deed, a fiduciary such as trustee, guardian or executor transfers property to the grantee. This legal document implies that the fiduciary has acted within the powers allotted to him.
Would it make a difference if the new deed from Grantor to Grantee had the Grantor as Joint Tenants other than the Trustees as it was originally elaborated and recorded previously?? :oops:
Hi DDBABY,
Could you elaborate a bit on the situation? From what you have mentioned in the post, the issue is not quite clear. The grantor was originally listed on the title as a joint tenant. He then transferred the property to the grantee through a deed, right? If this is the case, then it should not be an issue. What was 'recorded previously'?
Could you elaborate a bit on the situation? From what you have mentioned in the post, the issue is not quite clear. The grantor was originally listed on the title as a joint tenant. He then transferred the property to the grantee through a deed, right? If this is the case, then it should not be an issue. What was 'recorded previously'?
I have 3 payments left and then my mortgage will be paid off. Will I be sent a deed or proof that there is no mortgage remaining?
joe you should receive a release of the mortgage (there are other terms than "release" but i don't have them handy in my mind at this moment). this release would be recorded in the land records where your mortgage is recorded. ultimately, and perhaps simultaneously, you will be receiving a canceled copy of your note as well.
I cosign a property for my sister couple years ago. We are still owed money from the bank.
My sister does not want to refince, but she wants me to sign the grand deed that the property is under her name only.
She wanted me to transfer the title now, because of the property tax benefit due to the price of the house is low. Is that true? Please advice, which is the best way that I need to do without trouble in the future?
Thank you
My sister does not want to refince, but she wants me to sign the grand deed that the property is under her name only.
She wanted me to transfer the title now, because of the property tax benefit due to the price of the house is low. Is that true? Please advice, which is the best way that I need to do without trouble in the future?
Thank you
Hi,
Once you sign over your share of the property to your sister through a grant deed, you will lose your ownership rights to the property. After signing the deed, you cannot claim your ownership back until your sister signs it back to you. So, before you sign on the grant deed and transfer your ownership to her, you should consider this fact.
Once you sign over your share of the property to your sister through a grant deed, you will lose your ownership rights to the property. After signing the deed, you cannot claim your ownership back until your sister signs it back to you. So, before you sign on the grant deed and transfer your ownership to her, you should consider this fact.
why does the bank owe you money, lovely? i don't quite comprehend the property tax benefit derived from changing ownership from the two of you jointly to her solely.
what you've got to determine is if this all makes sense. is there a real method to her request?
what you've got to determine is if this all makes sense. is there a real method to her request?
I currently have my home for sale because bank is trying to forclose due to default of back property tax of $15,000 .I can not get a loan for this amount because they have messed up my credit ! If my house does not sell and they forclose on it , and it sells for less than what I owe can bank go after other realestate property that I own but have loan through another bank? so they can make up the diffrence ?
Hi hawkbldr!
Welcome to forums!
If the property is foreclosed upon by the lender, then he has the rights to collect the deficient balance from you. If you cannot pay it off, then he will be able to place a lien on your other properties. However, in order to place a lien on your property, he'll have to get a judgment against you from the court.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is foreclosed upon by the lender, then he has the rights to collect the deficient balance from you. If you cannot pay it off, then he will be able to place a lien on your other properties. However, in order to place a lien on your property, he'll have to get a judgment against you from the court.
Feel free to ask if you've further queries.
Sussane
Hi, I am on a lease to own basis and ready to pay off my loan. I have a grant deed dated 1994 with the current owners. The owners passed away and I have been paying the son. Now I find out the unit is not in a trust and he didn't probate the property. Also if I file my old grant deed the county assessor office could go back and back property tax me on the property. Can I file an old deed without getting reaccessed all those property taxes.
Hi Guest,
You won't be able to file a deed which was signed way back in 1994. I would suggest you to contact a real estate attorney and take his opinion in this regard.
Take care.
You won't be able to file a deed which was signed way back in 1994. I would suggest you to contact a real estate attorney and take his opinion in this regard.
Take care.
how do I get a copy of the deed to my new house soon enough to claim HO excemption March 1st
Hi Leslie,
If you've misplaced your property deed, then you can contact the county recorder's office where the property is located and get hold of a duplicate copy of the deed.
Take care.
If you've misplaced your property deed, then you can contact the county recorder's office where the property is located and get hold of a duplicate copy of the deed.
Take care.
Jessica, I have a friend who is 'upside down' in her home. she is 66 yrs of age and is thinking of walking away from the home when she retires to relocate to another part of the country. Her home is in So Cal where I live. The monthly mortgage is very reasonable considering the location. I am not concerned about the amount of Mortgage remaining, but do not have the rating to support another purchase (debt to income ratio has reduced FICO). However, I have income and savings to accommodate the mortgage comfortably--even with my existing home. What are the possibilities of her being able to sign a Grant Deed over to me without the bank calling the loan?
[Email address deleted as per forum rules. Thanks.]
[Email address deleted as per forum rules. Thanks.]
I RECENTLY WAS LEFT A HOUSE IN MY FATHER'S WILL WHICH WAS PROBATED HOW DO I TRANSFER DEED TO MY NAME I LIVE IN THE STATE OF NEW JERSEY ALSO DOES THE PROPERTY HAVE TO BE CLEAR AND FREE OF ANY DEBT TO TRANSFER ?