Are you considering buying, selling or gifting real estate? If so, you need to know about the different kinds of deeds that are used to transfer property in real estate transactions. Here are three important types of property deeds you need to know.
Warranty Deed
If you’re purchasing a home from a seller with cash, you will probably receive a warranty deed in Fort Myers, FL. This simple type of deed guarantees that the seller owns the property free and clear with no outstanding liens.
Mortgage Deed
Buyers who are mortgaging their property purchase through a financial institution will be issued a mortgage deed, which splits the property title between the lender and the borrower. Once the mortgage has been paid in full and the homeowner no longer owes any debt, the title will switch to solely the homeowner.
Quitclaim Deed
Unlike warranty deeds in Fort Myers, FL, quitclaim deeds are used to transfer property between family members, to put a property into a living trust or to correct an error in the title. A quitclaim deed should be used only when there is a great deal of trust between the parties involved.
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