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What is the main purpose of a deed?
A property deed is a written and signed legal instrument that is used to transfer ownership of real property from the old owner (the granter) to the new owner (the grantee).
What is the main purpose of a grant deed?
Function of Deed Like a quitclaim or warranty deed, the main purpose of the grant deed is to transfer property title from one person to another, such as from a seller to a buyer.
What is the main purpose of a grant deed and quitclaim?
A grant deed ensures that the granter has a legal interest in the property. A quitclaim deed merely releases any potential interest the signatory may have in a property with no warranties.
How does a grant deed work?
A grant deed is a legal document used to transfer ownership of real property. The granter is the person transferring the property, and each granter must sign the deed. The grant deed shows that the title has not already been granted to another person.
Is a grant deed the same as a deed?
A grant deed (also known as a special warranty deed) is a property deed that makes two guarantees: The property has not been sold to anyone else. The house is not under any liens or restrictions that have not already been disclosed to the buyer.
Who signs a grant deed?
You must sign the grant deed if you are the seller. You also must have a public notary acknowledge or verify your signature on the grant deed. A grant deed is legally ineffective unless the granter, meaning the person selling or transferring the property, signs the grant deed.
What is a deed price?
A deed states a property's sales price, legal description and to whom the deed is returned after recording. Deeds show the amount of any property transfer taxes and the assessor's parcel identification number. The dates and signatures of the granters and notaries public are at the bottom of deeds.
How much does it cost to draw up a deed?
Rates vary by state and law office but typically fall in the range of $200 to $400 per hour. Title companies routinely prepare quitclaim deeds in many states. Fees for title companies vary, but a market scan shows an average of $100 to $200 for a simple quitclaim deed.
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