Deeds

Definition

Deeds refer to legal documents that convey property ownership from one person to another. They are used to transfer title or interest in real estate.

Purpose

The primary purpose of a deed is to serve as a formal and legal record of the transfer of property ownership. It provides a written, legally binding agreement that specifies the details of the transfer, ensuring clear and undisputed ownership. Deeds are crucial in real estate transactions, protecting the rights of both the buyer and the seller.

Examples of Use

1. Home Purchase: When buying a house, the transfer of ownership is documented through a deed, which is signed by the seller and recorded in public records.
2. Inheritance: Property inherited from a family member is often transferred to the heir using a deed, ensuring legal recognition of the new ownership.
3. Land Sale: Selling a piece of land involves transferring the title to the buyer through a deed, which outlines the terms and conditions of the sale.

Related Terms

• Title: The legal term for the right to own property.
• Grant Deed: A type of deed in which the seller guarantees that they hold clear title to a piece of real estate and have the right to sell it.
• Quitclaim Deed: A deed that transfers whatever interest the grantor has in the property without any warranty or guarantees.

Notes

• Deeds must be signed by the grantor (seller) and typically notarized to be valid.
• Different types of deeds offer varying levels of protection to the grantee (buyer), such as warranty deeds, grant deeds, and quitclaim deeds.
• Recording the deed in public records is essential to establish the new owner's legal rights and protect against future claims.