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Two great resources to find the proper deed template for your state and situation:
USlegal Deed Library:
Rocket Lawyer Warranty Deed:
Rocket Lawyer Quit Claim Deed:
Note: I have had a great experience with Rocket Lawyer and USLegal, but your experience may vary. The links above are affiliate links and at no additional cost to you, I will earn a commission if you decide to purchase these particular tools/services. I recommend these resources because they are helpful and useful, not because of the small commission I make if you decide to buy something. Please do not spend your money unless you feel these resources will help you achieve your goals.
A deed is probably the most fundamental document that exists in a real estate transaction. It’s essentially the final step that solidifies any real estate transaction, transferring a property from one person or entity to another. When all is said and done – the ultimate definition of who owns a property all comes down to what’s written in the DEED.
This single document is the item that almost everything else in a real estate transaction revolves around. It’s the final document that sets each transaction in stone. This is the document that:
– Entitles an owner to their property.
– Conveys property rights from one person to another.
– Defines and upholds one’s ownership in a piece of real estate in accordance with it’s local governing body.
When a real estate transaction is closed, this document will be signed and notarized by the seller and then recorded at the county’s “Register of Deeds” (aka – “County Recorder”) office. When this document is recorded at the county, the transaction is considered complete, and the property will be officially titled in the name of the new owner.
There are a few different types of deeds that can be used for the purpose of transferring a piece of real estate. The two most common deeds that you’re likely to see are the Warranty Deed and the Quit Claim Deed – and the these two documents have some very important differences you need to know about.
With a Warranty Deed, the seller is giving the buyer their “Warranty” (i.e. — Guarantee) that the title to the property is free and clear (with any specific title issues noted) and the buyer will receive all reasonable rights to the property. This deed should only be used when the buyer knows for a fact that the title to the property is clear of any liens and encumbrances. Most educated buyers won’t accept anything less than this (and if a lender gets involved – it will be required).
Most sellers are okay with signing a Warranty Deed because:
This was what they received when they bought the property.
They paid for a title insurance policy when they bought the property, which protects them from any issues (should they arise).
If you’re not certain about whether the title is clear, don’t use this kind of deed when you’re selling a property.
With a Quit Claim Deed, the seller is offering absolutely no warranty of any kind with regard to the title on the property. By signing this document, the seller is simply saying that “Whatever interest I may have in this property (even if it’s nothing), I am transferring it to the buyer.”
A Quit Claim Deed provides no guarantees or promises about whether the title is clear – so if a buyer is willing to accept this, they should really be doing their homework to ensure that they know what they’re getting.
Note: In my experience, most buyers have no idea what the difference is between these two types of deeds, and what implications come with each — but as an educated investor, this is a distinction that you definitely need to be aware of. #rocketlawyer #realestate #retipster #sellerfinancing #ownerfinancing #realestateinvesting
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