A deed is a legal document used to transfer ownership of real estate from one party to another. It guarantees that the grantor owns the property free and clear and that no other person has a legal right to it. There are different types of deeds, including lease deeds, trust deeds, and bond deeds. A title search can confirm that the title to the property is clear and unclaimed.
A deed is a legal document used to transfer title to real estate from one party, called the grantor, to another, the lessee. Real property is commonly defined as land and anything attached to, growing on, or extending from it and which cannot be taken away without damaging the land. The deed of concession establishes that the grantor grants title or interest in the property to the transferee, and makes two guarantees on the property: that the grantor owns the property free and clear and has not sold it to anyone else, and that no other person has a lien, or legal right, to the property being transferred. Once a deed of concession is signed by the parties, the grantor immediately relinquishes all rights, interests and ownership of the property and no longer has any control over it.
What is contained in a lease deed can vary by jurisdiction, but lease deeds generally contain a written record of the transaction, some sort of legal statement describing the transfer of ownership from the grantor to the grantee, and the legal names and addresses of the buyer and seller. The deed may also contain an official description of the property and the signature of the grantor, together with his acceptance of the deed of concession. Most grant deeds are witnessed by an official, such as a notary, but do not normally need to be notarized. A grant deed typically must be delivered and accepted by the beneficiary to be valid. Grant deeds should also typically be filed, or publicly entered, with the local deed registrar’s office near where the property is located.
In addition to concession deeds, there are other types of deeds used to transfer ownership of real estate. A deed of waiver, for example, also transfers title rights, interests, and ownership from the grantor to the grantor, but usually does not guarantee that the grantor’s property is free from encumbrance. To confirm that the title to the property is clear and unclaimed, a title search can be done through a securities firm or local government office.
A trust deed can also be used to transfer property. It is similar to a mortgage and can be used to transfer title to the property to a trustee until the loan is repaid by the lender. The property is used as collateral for the loan, so if the borrower defaults on the loan payments, the property can be foreclosed and sold at public auction.
Another type of deed used to transfer ownership is a bond deed. This type of deed offers all the guarantees that a concession deed does, with one more promise: to defend the title against all the claims advanced by a third party. By executing a deed of security, the grantor is essentially insuring the title.
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