There are quite a few definitions of deeds in the real estate world. Title to property can be tranferred in multiple ways unlike the old westerns where you see them throw out on the poker table. Deed difinitions can be confusing so to help buyers & sellers understand how property is being conveyed to them I have added the definitions and some examples.
Keep in mind I am not a lawyer. These are put in laments terms to help. If you have specific questions call me and we can get you pointed in the right direction.
3 types we commonly use in Washington today.
1. Bargain and Sale Deed: A deed by wihich the grantor bargains, sells and conveys real property to the grantee. A bargain and sale deed conveys fee simple title to the grantee and warrants against defects created by the gantor, except for those matters disclosed in the deed.
This is very common in bank transacations. The bank has been deeded a property through default of an owner. They are not aware of any encumberance on the deed. Therefore they will convey to the grantee a deed that has no warrenties. If something comes up after the fact you cannot come back to the bank.
2. Quit Claim Deed: A deed by which the grantor conveys and quit claims to the grantee any interest the grantor might have, If any, in certain real property. A quit claim deed conveys no warranties of title. A quit claim deed conveys no after-acquired title, unless the deed contains words expressing the intent to do so.
This is the easist way to get someone or something off or on your title. An instance were this would be used. You have borrowed money from your parents to help you get buy a home. To insure they have right to the property you put them on the title at closing. Once you have paid they off you would quit claims them off the deed.
3. Statutory Warranty Deed: A deed by which the grantor conveys and warrants the real property to the grantee. A staturory waranty deed conveys fee simple title to the grantee and warrants against defects assserted by all persons, except for those matter disclosed in the deed.
This is a common way for a seller to convey title to a buyer. The seller is the rightful owner of the home identified in the deed. Because such language can be disputed, and because legal problems can arise from errors. The grantee can feel more comfortable knowing the deed is being conveyed from the rightgul owner.
Grantor: Grants the property usually a Seller
Grantee: Receives a grant usually a Buyer
Property is coveyed other ways as well.
Special warranty deed, Tax deed, Trustee Deed.
I have been in the business 10 years and still get confused with the definitions of deeds out there. If I have a question I find it best to call my title rep. A lawyer is a good start too. If you have questions about how property is being conveyed to you don't be afraid to ask at the closing table. That is what a good closing agent should do. If you have any particular questions feel free to ask.
Author:Gini Anderson Phone: 253-988-0180 Dated: March 7th 2013 Views: 6,604 About Gini: Making Clients For Life!
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