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Grant Deed vs Quitclaim Deed. This video provides a basic overview of deeds and explains the two most common types of deeds used to convey title of residential real estate in California: Grant Deeds and Quitclaim Deeds.
DEEDS EXPLAINED:
What is a deed? A deed is simply a legal instrument used to transfer ownership interest in real property.
GRANT DEED:
The seller conveys the property to the buyer with a guarantee of owning the property with the right to sell. But, no guarantees about whether the title contains clouds and liens. Only two promises exist with a Grant Deed. The seller didn’t transfer title to another party and the property is free of encumbrances and liens.
QUITCLAIM DEED:
Quitclaim Deeds: With a quitclaim deed, the owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee. This deed conveys title without any warranties at all. The title holder simply quits all claims to the property, whether any exist or not.
GENERAL WARRANTY DEED:
This type of deed is not as common in California, but it offers the best protection to buyers. With this type of deed, the seller makes a guarantee that no problems with the title exist, such as clouds, liens, and claims.
TITLE INSURANCE:
Title insurance solves the problems with Grant Deeds and Quitclaim Deeds, offering protection and ensuring that problems with title will be covered. Every lender requires title insurance to protect their mortgage or loan. Title insurance involves conducting a search of the title’s history in the public records to ensure the title properly transferred from the first owner to the current buyer. Any liens, encumbrances, and title clouds get resolved before the escrow closing.
TRUST DEED:
A trust deed involves ownership, however it is different from the other types of deeds because it's primarily a financial instrument. It is a note or contract that uses the real estate property as collateral for a loan. In California, "trust deeds" are the most common instruments used by banks when lending money as "mortgages" to homeowners.
RECONVEYANCE DEED:
A deed of reconveyance is issued when a borrower has fully paid a mortgage and has been released from the mortgage debt. The deed transfers the property title from the lender, also called the beneficiary, to the borrower. This document is most commonly used when a mortgage has been paid in full.
OTHER COMMON QUESTIONS:
Can a grant deed be written?
It may be written or typed, but is valid as long as it lists a grantor and a grantee, a description of the property being transferred and a statement transferring an ownership interest from the grantor to the grantee.
How do you record a deed?
To record a deed yourself you need only to take the deed to the appropriate recording office or county registrar in your area. The recorder will then index and transcribe the deed in the public records and it will be available for anyone to see.
“Constructive notice” is said to be given once the deed is recorded.
What is the difference between a deed and title?
A deed is the physical legal document whereas title is the name that describes a person's legal interest in the property. Deeds are official written documents, and in most states are required to be recorded in a courthouse or assessor's office.
Are you required to record a grant deed?
All states require you to record a property deed. Recording allows interested parties to search public records and discern property ownership. An unrecorded deed would not protect the parties against actions of third parties, but it is valid and enforceable between the parties themselves.
How do I get a copy of my grant deed?
You can obtain a copy of your Grant Deed directly from the County Registrar-Recorder/County Clerk.
#realestate #grantdeed #quitclaim
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DISCLAIMER: This video is provided for informational or entertainment purposes only. Check with your accountant, lawyer, and/or other professionals/advisors before relying on this information. Although we believe it to be reliable, we do not provide any warranties and we do we do not guarantee its accuracy or completeness. Please consult a professional and use common sense. common sense
