Understanding Deeds When Selling A Home

Understanding Deeds When Selling A Home



Understanding Deeds When Selling a​ Home
When selling a​ home,​ there are a​ few fundamental topics you​ need to​ understand .​
This brings us to​ the​ issue of​ the​ different types of​ deeds you​ will run into .​
Understanding Deeds When Selling a​ Home
The process of​ selling property is​ easier if​ you​ understand the​ basics of​ the​ sales process .​
Marketing the​ property and dealing with buyers and/or the​ hassles of​ real estate agents can be aggravating,​ but the​ piles of​ paperwork and all the​ different forms involved are really the​ biggest issue .​
Among these many forms and papers are deeds .​
We’ll help make selling property a​ little easier for you​ by clearing things up a​ bit.
A warranty deed is​ a​ pretty basic deed that,​ for the​ most part,​ states the​ seller owns the​ property and there are no liens (debts,​ etc) against the​ property that will be transferred over .​
It is​ stating that the​ property is​ legally owned and there are no hidden tie-ins the​ buyer should be aware of .​
This deed ensures buyers that the​ property they are buying is​ actually owned by the​ person they are dealing with and they won’t be met with any surprises later on​ .​
Furthermore,​ if​ another person were to​ try to​ claim the​ property down the​ line,​ the​ warranty deed would legally protect the​ new buyer and the​ buyer would be entitled to​ compensation from the​ original seller .​
The warranty deed is​ used in​ the​ majority of​ property sales.
On the​ other hand,​ quit claim deeds are presented to​ these buyers instead by a​ person who does not necessarily legally own the​ property,​ but instead holds responsibility for that property .​
Such instances where this can occur are upon a​ death when the​ property is​ transferred as​ inheritance,​ or​ when spouses are both on​ the​ name of​ the​ deed and a​ divorce is​ occurring .​
Quit claim deeds,​ unlike warranty deeds,​ do not offer a​ great deal of​ protection to​ the​ buyers of​ the​ property .​
In truth,​ they should be avoided unless you​ know exactly what you​ are doing and have experience in​ buying and selling property.
Understanding the​ different between these deeds will help two fold .​
Sellers of​ property will not get caught up mistakenly offering the​ wrong type of​ deed and buyers will be better prepared to​ know what sort of​ legal protection and ownership rights they will be ensured depending on​ the​ sort of​ deed signed .​
In the​ case of​ these two deeds,​ the​ warranty deed is​ definitely the​ way to​ go.




You Might Also Like:




No comments:

Powered by Blogger.