DEED PREPARATION FOR ALL 50 STATES!
Quitclaim Deed
A Quitclaim deed transfers any interest in real property from the grantor to the grantee. Quitclaim deeds are frequently used to cure defects in the title.
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General Warranty Deed
A General Warranty Deed is also known as a "Grant Deed". The most comprehensive warranty, as the Grantor will defend the title against all claims that are brought to challenge the title. A general waranty deed is a type of deed where the grantor (seller) guarantees that he/she holds clear title to a piece of real estate and has a right to sell it to you. The guarantee is not limited to the time the grantor owned the property - it extends back to the property's origin. Most people hire someone to perform a title search to determine if there are title problems that must be resolved before they purchase a property. They can also purchase title insurance, which covers many types of losses that occur if problems are discovered later.
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Deed of Trust
A deed of trust is a type of secured-real estate transaction that some states use instead of mortgages. A deed of trust involves three parties, a lender, a borrower, and a trustee. The lender loans the borrower money. In exchange, the borrower gives the lender one or more promissory notes. As security for the promissory notes, the borrower tranfers a real property interest to a third-party trustee. Should the borrower default on the terms of his/her loan, the trustee may take full control of the property to correct the borrower's default.
Usually, the trustee is a title company. In most states, the borrower actually transfers legal title to the trustee, who holds the property in trust for the use and benefit for the borrower. In other states, the trustee merely holds a lien on the property.
Deeds of Trust almost always include a power-of-sale clause, which allows the trustee to conduct a non-judicial foreclosure - that is, sell the property without first getting a court order.
For example, in a typical home loan, the borrower is the person buying the home, the lender is a bank, and the trustee is a title company. The borrower makes monthly payments to the bank. If the borrower goes into default, the title company initiates a non-judicial foreclosure as the bank's agent.
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Deed of Full Reconveyance
This deed is used when a promissory note is paid in full. The title company will sign and record it upon receiving a Request for Full Reconveyance from the lender.
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(We are not attorneys and do not give legal advice. If you need legal advice, we suggest you contact an attorney.)