What does a deed look like? If a relative has died recently, you may need to track down this important document. In order to sell a property or transfer ownership of a property, the original owner must have a deed to that property. A deed is a legal document that outlines ownership of a property and details regulations or restrictions regarding that ownership. It can be used as evidence of a formal ownership, especially if there are property disputes that call ownership into question. Although deeds can take many forms (such as quitclaim and general warranty), they must include certain items.
A deed is generally one or two pages that include a detailed description of the property, the date and wording that signifies the transfer of property from one owner to another. The deed should contain the most current addresses as well. There should always be a space for signatures of the seller and the buyer, as well as for a notary public signature and stamp. There should be a notation that the deed has been recorded at the county office as well. The legal documents may have the word "deed" in the title, but not always.
Most property deeds will convey the fact that the seller is resigning all interest in the property to the buyer. By signing and recording the deed, the buyer is accepting the terms of the deed. Deeds can be transferred through a real estate transaction or as a gift, such as from a parent to an adult child. An example of this kind of wording might be:
"Transfer of ownership: The Grantor conveys all interest and transfers ownership of the property described in Section 1, including all land and buildings, to the Grantee. The sum of the transfer is $______________________. The Grantor hereby acknowledges receipt of the sum and accepts the transfer of property."
A deed may also include all kinds of addendums and additions, especially when it outlines restrictions for the use of the property. An example of restrictions might be to limit the number of freestanding buildings that can be constructed on the property, the type of businesses that can be run from the property or even the types of window coverings allowed on a structure.
What is the purpose of a quitclaim deed? A quitclaim deed can be important if you want to transfer property to another person as quickly as possible, without concern over debt or liens.
What is a deed of trust? Some states use this type of property deed instead of a mortgage, and it states that the lender cannot sell the property unless the borrower defaults.