What Is a Property Deed?
A deed is a legal instrument whose purpose is the transfer of real property rights from one person or company to another. Deeds are among the most basic but important areas of real estate law, and an area which often brings much contention. If you are involved in a dispute over property it is important that you work with a strong and knowledgeable College Station real estate attorney.
What Basic Elements Comprise Property Deeds?
Possession of a property deed denotes ownership. Therefore, when a deed is signed over to another party, ownership of the affected property is transferred. Property deeds must include three basic elements:
- Description of the real property. Generally this will include the boundaries of the property and type of zoning.
- Name of each party involved in the transaction
- Signature of transfer of ownership
Is There More Than One Type of Deed?
Your College Station real estate attorney will discuss with you the three most common kinds of property deeds. These are:
- Quitclaims. A quitclaim is a simple type of deed transferal method which possesses limited purpose. A quitclaim deed transfers ownership rights, but does not guarantee that the seller has such rights.
- Grant Deed: This type of deed verifies that the affected property has not been transferred to another person or company.
- Warranty Deed: The warranty deed, as you might expect from the name, in essence guarantees that the property has not previously been transferred and that the title is free of claims and liens. Generally the language includes a promise that the seller will compensate the buyer if the property title is not free and clear.
What Happens after the Deed Is Signed?
You will want the deed to be witnessed and notarized. If you purchased the real property jointly with another person, all sellers will need to sign the deed. You will then need to file it with the county recorder. A copy of the deed transfer will be made and the original returned to you.