A deed to a house transfers certain property rights in a real estate transaction. They are composed of several elements, as will be seen. When you purchase a home with a loan, you do not receive the deed to the house. This is retained by the mortgage holder; instead, you receive a document specifying your mortgage and its terms. A College Station real estate lawyer can answer any questions you have or help you with a dispute.
Types of Property Deeds
A property deed in its most basic form serves to transfer property, normally after a sale. Also known as a deed to a house, it is comprised of three elements:
- A complete legal description of the house
- The names of the parties involved in the transaction
- The signature of the person who is turning the house over to the other party.
There are a number of different types of property deeds, but the most common, along with the functions they serve, are:
- Grant Deed: Grant deeds transfer ownership of the house from one party to another. There generally is a promise that the property has not already been transferred to another party, if implicit.
- Warranty Deed: Warranty deeds not only transfer ownership, they include other promissory elements, such as that the title is free and clear of liens and other encumbrances. It is termed a warranty deed because the party transferring the deed promises to compensate the purchaser should such an encumbrance exist.
- Quitclaim Deed: The quitclaim is useful under limited circumstances, but in a nutshell, it disclaims any ownership rights the seller has on the house. This can prove useful when there is some question about what those rights are.
Deed to the House vs. Title
While deeds and titles both involve ownership of the house, they are not synonymous. A title shows evidence of land ownership, yet it does not in itself prove such ownership. The deed proves title of a given home or property.
If You Have an Ownership or Title Dispute
If you are embroiled in a dispute over the ownership of a house or property, it is important that you work with a College Station real estate attorney who has the diligence and experience to carefully research the title and fight for you. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.