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A deed form is a document that transfers the title of a real estate property from the grantor (seller) to the grantee (buyer). The type of deed form needed to transfer the property depends on the laws of the state where the property is located. It is usually completed after the sale has been finalized and filed with the County Registry of Deeds.
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There are two main types of deeds used in transferring property: the General warranty Deed and the QuitClaim Deed. There are also a few subtypes of deeds.
A General Warranty Deed guarantees title for both the Seller’s time on the Property and the time for all previous owners of the real estate while the QuitClaim Deed is mainly used when the Grantor transfers due to divorce, business, litigation, or between family. In most cases, there is no exchange of money between the parties involved in a quitclaim deed and the grantor also gives no assurance that the title of the property has no defects.
In a case where more than one individual or entity is involved, there are three types of ownership interest in property: Joint Tenants(Right of Survivorship), Tenants in Common, and Tenants in Entirety.
In this type of ownership, a Spouse can sell their ownership interest without the approval of their significant other. Also, if one Spouse was to die, the property’s ownership is transferred to the Heir listed in their Last Will and Testament.
Here each spouse has an equal right to the property. In the event of one spouse dying, the other spouse is automatically given ownership.
This type of ownership prohibits one spouse from selling their interest in the property without the consent of their significant other.
In addition to the specified requirements, only the Grantors are required to sign the Deed in the states enumerated below. The deed is completed, signed, and filed with either the Recorder’s Office or the Clerk of Court. You can find the office to file the deed in your State below.
Step 1 – The deed writer should verify that the Grantor (Seller) is the actual owner of the property with the County Registry. When looking at the deed, it should state how the deed in question was ceded to the buyer. It will usually read either General Warranty, Quit-Claim, or Special Warranty. Except for any hitches by the Title Insurance Company, it should be the same type of deed
Step 2 – Enter the buyer (Grantee) and seller’s (Grantors) information, respectively. The deed should then be recorded with the County Registry after the monetary transaction has occurred. The transaction is now officially completed.