What is a Property Deed?

Posted by Unimarks on November 16th, 2019

A property deed is a contract that is used to convey the real estate property from a grantor or seller to a grantee or buyer. For a deed to be legally acceptable, you may have to include the identification of the grantor and the grantee, and also all the adequate description of the property that is subjected to sale. More specifically, deeds fall in a few numbers of categories, including warranties, quitclaims, and special purpose deeds. This article will give you an insight into what deeds are? what are the needs which on applying for a deed and how to make it legally operative?

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What Are Property Deeds?

A property deed is drafted and legally authorized (signed) legal document that is designed for the purpose of transferring the ownership of particular real estate property from one owner (the grantor) to the other owner (the grantee) who has willingly meet with the demands of the previous owner (the grantor). Historically, real estate properties were transferred through a ceremonial act known as the “livery of seisin.” By this act, the person who is transferring the land hands a twig or clod of turf from his land to the person who wishes to take over the land or taking delivery of the land. A simple verbal or written statement often accompanied by the gesture, though it was the livery of seisin that legally transfers the title of the property. But those were ancient times. Today, the title to the real estate property is generally conveyed by paper, that is the property deed.

Essential Deed Elements

While each and every country has its own requirements, most deeds must possess several essential elements to be legally validated:

–> The deed must be in writing. While most deeds nowadays are completed in printed forms, there are no specific legal requirements that the form should be used as long as the essential elements have been included.

–> The grantor or seller must have a legal capacity to transfer the real estate property and the grantee must be capable of receiving the grant of that property. A person who is completely competent to make a valid contract is simply considered competent even to be a grantor.

–> The grantor and grantee must be clearly identified in such a way that they are ascertainable.

–> The property must be properly described with its location and dimensions specified.

–> Legally Operative words of conveyance must be used. All standard form of deeds must include the necessary legal wordings that actually transfers the property.

–> The deed must be signed by the grantor or grantors if the property has multiple owners.

–> The deed must be legally deliverable to the grantee or to someone acting on the grantee’s behalf.

–> The deed should be accepted by the grantee. Typically, deeds are accepted by the grantee but in few abnormal circumstances, the grantee could also reject the delivery of the deed. It is by law that he could do that.

The transfer of a property title is legalized only by deed filing a deed. Certain essential elements must be included within the deed in order for it to be legally acceptable. Different deeds provide different levels of protection to the grantee and the obligations of a grantor are determined by the form of the deed.  In the following article, we will tell you about the different types of deeds there are.

source : http://www.unimarkslegal.com/property-law/what-is-a-property-deed/

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