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Miscellaneous Deed. This designation is used for deeds that convey property for Annexations, Affidavits, Liens, and Vacations. OT. Order Of Taking. Document by which a government entity acquires real property usually through eminent domain.
A warranty deed is a type of deed where the granter (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.
A special warranty deed is a deed to real estate where the seller of the property known as the grantorwarrants only against anything that occurred during their physical ownership. In other words, the granter doesn't guarantee against any defects in clear title that existed before they took possession of the property.
The warranty deed acts to transfer property ownership from the current owner the “granter” to the new buyer, the “grantee.” ... For example, when you purchase a house, the seller signs a warranty deed granting you ownership. You then sign the deed of trust as a promise to repay the lender for the loan.
There are three basic kinds of deeds: a general warranty deed, a special warranty deed, and a non-warranty or quitclaim deed. If you are a buyer, you want your deed to get you everything you bargained for.
Quitclaim deed. A quitclaim deed is a legal instrument that is used to transfer interest in real property. ... The owner/granter terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money. Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage.
In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the granter or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.
Quitclaims can be used to transfer property for a price. However, their lack of title warranty recommends them to transactions for no, or low, consideration. Real estate can only be transferred by deed, but no law prescribes the type of deed a seller must use.
Visit Your County Recorder's Office Quitclaim deeds are part of public record. This means anyone who wants a copy can obtain one. One way to get a copy of this type of deed is to visit your local county recorder's office.
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