What are the Main Types of Real Estate Deeds?
There are many different types of real estate deeds, but there are two main types that are very common. The first type is a warranty deed, which guarantees a clear title for the transferee. In a warranty deed, there is no question that the grantor has authority to transfer title, because no liens or other debts exist on the property.
The second type of real estate deed is known as a quit claim deed. In contrast to warranty deeds, quit claim deeds do not make guarantees or warranties of a clear title to the property. As such, they are generally made between parties who trust each other, such as family members. Quit claim deeds are often used when property is not sold at a price, such as when the property is transferred to an heir when the owner dies.
What Does “Deed Review” Mean?
“Deed review” is the process of looking over a real estate deed and researching its background to ensure that it is a valid legal document. Deed reviews are often necessary in cases where title to the property is under dispute, or where a revision needs to be made to the deed documents.
Deed reviews are typically performed by real estate lawyers because real estate agents can sometimes be motivated by sales figures and other elements.
How are Real Estate Deed Disputes Handled?
Real estate deed disputes are usually handled by a combination of deed review and title searches with the county recorder’s office. A lawyer will usually be responsible for conducting the title search in order to determine which parties legally possessed the property in the past. A title search should also reveal the chain of how the property was transferred in the past. This alone can often resolve disputes over who previously owned the property.
Once the title is cleared, a deed review may be necessary to analyze and understand the exact details of the deed. For example, if there is a dispute over the location of a piece of property, then a deed review can help resolve this because the deed should describe the property’s location in detail. Also, deed reviews can help resolve any issues regarding the identity of key parties to the legal transfer and transaction.