What Types of Deeds are there?
Here is a brief glossary of terms found in real property deeds: Alienation: A transfer of title or property from one ownerto another. Consideration: The money or other value given to thegrantor by the grantee in exchange for the transfer of property. Defective Title: A title to a parcel of real estate that isclouded, has mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it, or is subject to litigation. Aparcel of real property that is transferred with a defective title canjeopardize the grantee¿s right to ownership. Fee Simple or Fee: Rights in a parcel of real property thatcan be inherited by any heirs and give the owner the most extensive rights onecan have in land. Commonly thought of as:ownership¿ of the parcel of realproperty. Good Title: The parcel of real property is free of anymortgage claims, tax liens, title claims, judgments, or mechanic's liensagainst it. Grantee: A person who receives title to the property aftera grantor executes the deed transferring the property. Usually the buyer. Grantor: A person who holds title to the property andexecutes the deed transferring the property to another person. Usually theseller. Legal Description: A description of the land based onsurveys stating the exact boundaries of the entire parcel of real property. Tenants in Common, Joint Tenants, or Tenants by Entirety:Types of ownership where there is more than one owner. See Joint Possession. Words of Conveyance: Words that show intent to transfer thetitle to a parcel of real property. The words are usually required by law andvary by jurisdiction. |
