Deed Type Definitions in Real Estate

Deed Type Definitions in Real Estate

Deed

A deed is a document that transfers ownership from one person to another. It contains the

names of the old and new owners and a legal description of the property. A deed should

be signed by the person transferring the property and then notarized.

Assignment/Assumption

Giving someone your own interest (equality) in a piece of property. The note on the land

then becomes your responsibility where you are assuming the note.

Bill of Sale

Made by the seller reporting what particular item that was sold. Mostly to transfer mobile

homes between buyer and seller but it can also be used to transfer land.

Contract Deed/ Contract Sale

Contact Deed is an agreement for the sale of land. Title will pass when all agreements in

the contract are met. These are done when buyers are unable to pay the full sale prices on

the date of sale.

Contract for Sale is an agreement between buyer and seller for the sale and purchase of

the seller's property.

Contract w/ Improvement

A contract with a contractor where something is built or will be built.

Correction Deed

A deed that clears up defects in title or to correct a mistake.

General Warranty & Warranty Deed & Special Warranty Deed

Deeds that binds a seller of a piece of property to defend the security of the title against

any claims that may arise against the buyer. (Having a clean title) The difference in the

warranty deeds is the extent in which the grantor warrants the title.

Deed of Trust

A document where the title to the property is held by a trustee pending repayment of a

loan and creates a lien on the property. The deed of trust is cancelled when the debt is

paid off. Until then, the trustee has the power to foreclose if the debt is not paid.

Distribution Deed

Dealing with an estate property where someone has died and the land is now being split

out to the different owners. Where wills and probates have been done.

Executive Distribution Deed

Dealing with estate property, where someone is appointed through a will and as an

executor or executrix to handle or have control of the property.

Substitute Trustee's Deed

This deed shows that the trustee no longer wants to fulfill their role as trustee and another

one is appointed.

Tax Resale Deed

A deed where land that was seized by the county was sold.

Exchange Deed

When people transfer the ownership of one thing for the ownership of another (Trade).


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Dated: September 29th 2012
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