In the
real estate world, there are two types of deeds. One is A Warranty Deed and the
other is Quitclaim Deed. Before we further proceed to the types of deeds, let
us define what a deed is. A deed is type of a document used at the time of
transfer of property. The document could contain transfer of the overall rights
or transfer of the interest on the property, depending on the nature of deal
going on between parties.
A deed
must contain names of both, seller and buyer. Along with the name of the
parties it must contain name and all other detail of the property including its
area and type. It is necessary that the deed must be signed by both the
parties. Once all the basic requirements are completed, the deed must be
notarized by a grantor. Transfer of the property does not take place legally
unless the deed is notarized.
Dean
Graziosi
always suggests his followers to legalize the deeds. As per rule of law, any
deed is not considered intact unless it is notarized. To make sure that none of
the party is involved in fraud, transfer of the property must take place as per
demand of the law.
Dean
Graziosi is a famous real estate personality. He is a millionaire with more
than two decades experience in the field of real estate. He is a successful
entrepreneur living at Arizona. Dean provides knowledge on real estate to all
aspirants. He is true source of inspiration for all who have less money but are
hardworking and determined.
According to Dean, in order to achieve success
in real
estate, one
must know all about the types of deed. How can we assume someone achieving
success without getting information on very basics?
Warranty Deed:
This
deed guarantees that the grantor owns title of the deed. All other important characteristics
of a Warranty Deed are given below:
- A warranty deed conveys rights that are specifically described.
- Sometimes the State might issue phrases like “conveys and warrants” as a sign of warranty deed.
- With these words, the grantor conveys major power over the property to the grantee.
- As per deed of the warranty, the grantor conveys that at the time of transfer of the property, he (grantor) is the owner of the property.
- Secondly he holds all the powers over the property at the time of transfer including transferring power.
- The grantor admits that the property is free of any loan or lien.
- Last but not the least; the grantor will convey that he (grantor) will defend the title in front of the state. So that the grantee and his heirs are able to enjoy full power over the property including its transfer powers.
Quitclaim Deed:
- This type of deed is often used among family members or among two partners of one property. In this type of deed only interests of the grantor are transferred to the grantee. Let us have a look on its salient characteristics:
- This deed does not quiz the ownership or title of the property.
- There is a written document.
- This deed transfers all the rights of the grantor on the property to the grantee and his heirs.
- There are no warranties of title.
- The words of the deed might sound something like “Convey and quit claim”.
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