What do you need to know about deed of title?

It’s the deed that transfers title. On the deed, you’ll find the property’s legal description, including property or boundary lines. The deed identifies the grantor, or party transferring his interest in the property, and the grantee, who accepts it.

Can a person be on a deed without being on the deed?

In such cases, there is one person on the mortgage but two on the deed. Both spouses are owners, but only one person is responsible for paying the mortgage. Some people may not want to add their names to the deed of the house because they are evading creditors. The person whose name is on the deed is the legal owner of the property.

What does it mean to be sole owner of a property?

Sole ownership is defined to mean ownership by one person. Being the sole owner, one person enjoys the benefits of the property and is subject to the accompanying burdens, such as the payment of taxes. Subject to applicable federal and state law, a sole owner is free to dispose of property at will.

Can a house be deeded to more than one person?

Can a title deed be used to transfer a property?

The kind of deed you can use to transfer property will depend on your title. If you know you have a valid title, for example, the deed used to transfer that property may be different than the deed you should use if you are unsure of the title’s integrity.

Who is the grantor in a warranty deed?

The party transferring title is called the grantor, or the transferor, while the party receiving title is called the grantee, or transferee. There are two basic types of deeds: quitclaim deeds and warranty deeds. Quitclaim deeds. With this type of deed, the grantee does not guarantee that the grantor actually has an interest in the property.

What happens if the grantee does not have title to the property?

With this type of deed, the grantee does not guarantee that the grantor actually has an interest in the property. If it turns out that the grantor does not have title to the property, or there are any problems with the title, the grantee has no legal recourse against the grantor.

What do you need to know about a grant deed?

A grant deed can be viewed as a middle ground, offering the grantee a degree of protection somewhere between a quitclaim and general warranty deed. Any deed will contain the date, names of the grantor and grantee, a description of the property being transferred, and the signature of the grantor.

What are the different types of official deeds?

Official deeds are executed pursuant to court or legal proceedings, such as trustees’ deeds and tax deeds. Most property transactions, however, involve private deeds. Deeds are also categorized based on the type of title warranty provided by the grantor.

What do you need to know about deeds and property transfer?

There are several types of deeds. Each type varies based on the warranties provided to the grantee. Different varieties of deeds provide varying levels of title. Deeds help show ownership of the property. However, the deed itself is really only used for transfer of the property.

What happens if your name is not on the deed of a house?

If your name is not on the deed of the house and you break up with a partner, they could legally sell the house and keep the proceeds unless you have another legal agreement in place that spells out the specifics of the arrangement. If your partner dies and there is no provision in the will for you to inherit the property, you have a problem.

What does a title deed mean in real estate?

Among the many meanings, a title is also described as the ‘legal right to own something, especially land or property; the document that shows you have this right’, by the Oxford Dictionary. In real estate, when you buy a property, you attain legal ownership over the asset though a formal process known as property registration.

What does the registration of Deeds Act do?

REGISTRATION OF DEEDS ACT An Act relating to the execution, registration and admission in evidence of Deeds, and to provide for the protection of purchasers and mortgagees. [1STJANUARY1885] *1. This Act may be cited as the Registration of Deeds Act. 2.

What happens to your title deed when you change your name?

Should an individual own property, and later undergo a name change due to a change in marital status, there is no legal obligation to endorse the title deeds of a property with the name change. This name change will be deemed to have been done by operation of law.