INTRODUCTION:

Deeds are the legal documents that is essential to prove the possession over own’s property. It also helps to transfer ownership or interest in property, grant rights or secure obligations. Different deeds serve various purposes, each with multiple uses.

BACKGROUND:

From the Ancient period only the concept of deed came into being. The word “deed” has been derived from the Old English word “daed” meaning act or action. In Medieval times, deeds were often written on parchment or on wax tablets to authenticate the transaction.

TYPES OF DEEDS AND USES:

1. WARRANTY DEED-It is used for the guarantee giving purpose that the seller who is having the ownership is willing to sell and states that the seller has clear ownership over the property. It also ensures the buyer that the property is debt free. The buyer gets a title’s legitimacy from the seller. It protects the buyer.
2. Quitclaim Deed-This deed transfers any interest of the seller to the buyer, but does not transfer the ownership or possession over such property.

• SPECIAL WARRANTY DEED-It guarantees that the seller gets the validity of the title to the property during the time of his ownership. It limits the warranty to the time of ownership of the seller.

1. BARGAIN AND SALE DEED-It gives the seller the rights to transfer the property but does not offer any guarantees of title issues. Thus, the seller here makes no guarantees about this title but still transfers ownership of the property.
2. DEED OF TRUST-It makes the borrower transfer the legal title to the property to the trustee till the loan is not paid. It is commonly used where mortgages are not used.
3. GRANT DEED-It makes the seller transfer ownership and not the title of the property. The Seller should also need to disclose if there is any dispute or debt to the property.

• FEOFFMNT DEED-This deed includes transfer of the title back to the borrower once the debt is paid off. It releases lender’s claim on the property.
• DEED OF RECONVEYANCE-This deed includes transfer of the title back to the borrower once the debt is paid off. It releases lender’s claim on the property.

1. LIVING TRUST DEED-This deed is to transfer property into trust during the grantor’s life-time to benefit the beneficiaries.
2. TRUST DEED-It involves property conveyance to a trustee for specific purpose. For example, managing the property for its beneficiary.
3. MINERAL DEED-Transfers ownership of mineral rights such as gas, oil or minerals to another party while leaving the surface rights.

• SATISFACTION OF MORTGAGE DEED-It shows that the mortgage has been paid off and the borrower has fulfilled his obligations.

FREQUENTLY ASKED QUESTIONS (FAQs):

1. WHY THERE IS THE NEED OF A DEED?

It is a legal document that proves ownership as well as provides all the rights regarding transfer or sell to the owner of such property.

2. WHAT DEED SHOULD YOU USE TO TRANSFER PROPERTY TO A FAMILY MEMBER?

A quitclaim deed is used for such purpose as no money exchange is made here.

3. WHICH DEED PROVIDE MAXIMUM PROTECTION TO THE BUYERS?

Warranty Deed provides the most protection as it gives validity to the property title.

4. CAN YOU TRANSFER PROPERTY WITHOUT A DEED?

No, a deed is required to transfer legally.

5. WHAT HAPPENS IF DEED IS LOST?

One can get access to the copy of the deed from the country recorder’s office as per the location of the property.

6. WHY ARE DEEDS NEED TO BE NOTARIZED?

Notarization basically denotes a legal validation, which is specifically the legal recognition.

7. WHAT DEED PERMITS THE OWNER TO TRANSFER PROPERTY AFTER HIS DEATH?

The Deed is known as the Lady Bird Deed or the Enhanced Life Estate Deed; it permits the owner to transfer property upon death without probate while having full control over such property till their death.

8. DO ALL STATES RECOGNIZE THE SAME TYPES OF DEEDS?

No, it varies through state to state, as all deeds are recognized by each state within the country, in certain states Lady Bid Deed is accepted as a process.

CONCLUSION:

         Deed are those golden legal documents that upholds legal rights of an individual regarding the ownership, rights, transfer rights and other interest of an individual. Addressing this is a legally valid point, so our Online Legal Query team has tried to become a part of this mission to address it and prevent anymore losses from occurring upon the victims.