A deed is a written document that transfers ownership of land or other real estate from the owner, also known as the grantor, to the buyer, or grantee.
The form a deed takes varies from place to place, but the overall structure and the provisions it contains are the same. The description of the property being transferred is always included.
When you use a mortgage to purchase the property that's being transferred by deed, you may receive the deed at the time of purchase, with the lender holding a lien on the property. Or the deed may belong to the lender until you have paid off the mortgage.
In either case, a deed's creation must be witnessed and should be recorded with the appropriate local authority to ensure its validity.
- Browse Related Terms: Closing Costs, Closing Statement, Deed, Escrow, Good faith estimate, Real Estate Settlement Procedures Act (RESPA), Refund, Satisfaction of mortgage, Settlement (or Closing) Costs, Settlement agent, Title, Title Insurance, Title Search
The legal document that is used to transfer the title from one owner to another.
- Browse Related Terms: Buyer's agent, Closing or Settlement, Closing Statement or Settlement Statement, Deed, For Sale By Owner (FSBO), Listing Broker, Recording Fees, Supervised Loans, Title, Title Insurance, Title Search, Waiver
a document that legally transfers ownership of property from one person to another. The deed is recorded on public record with the property description and the owner's signature. Also known as the title.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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