WHAT IS A DEED?

A legal document signed by the holder or owner of a record that gives away the holder some specific power towards an asset is known as a deed. The authorities are only handed over if the holder means some particular terms and conditions. When there is a transfer of ownership or property rights between two parties related to land, automobiles, or vehicles, a deed is usually made to handle the situation legally. The deed usually transfers the privilege of property rights/title of an asset to the new owner. The deed is the medium of transfer of the title and not the title itself. The title document is entirely separate.

Legal challenges can make an act vulnerable if it has not been registered under public record, notarized or not written legally. One can easily view the register of deeds publicly available for viewing and updated by the town, county or state. But even with the perfect act, the transfer of Property Rights can be made void.

Various Types of Deeds

Each type of deed has a different purpose for serving. Let's look at the different kinds of the act.

• Grant Deeds: The two guarantees offered by this deed is that- no mortgage burdens the deed and the deed should not be given to anyone or someone else. You don’t need to register this type of action under public records. But for the best interest of the user, one can easily do it.
• Quitclaim Deeds: Without specifying the exact terms of a person's interest or rights in an asset, it releases that person's appeal in an investment. The granter makes no promises and may be a legal owner or may not be one. It is done for divorces generally.
• Warranty Deeds: It offers the same privileges as the Grant deed. But it also provides a promise that the granter can defend and warrant the assets against any claims. Hence, it gives the highest amount of protection.

How Do Deeds Work?

The main aim of a deed is to transfer ownership and property rights on an asset through a legal document from one person to another. a local official maintaining public records of government documents must file the deed to bind it by the court of law. Witnesses may also be required during the signing of the acts as per state laws to legalize the document. The deed can be treated as an imperfect one if it is not written legally as per state rules. Documents like commissions, licenses, patents, academic degrees, and attorney power transfer similar privileges to the deed.

Conclusion

There are also various limitations of a deed. Recordkeepers need to clear false acts. Deeds also face issues during probate procedures. The new owner also cannot use the property as they wish with a deed that transfers property. Suppose any owner of an act may not be allowed to work on a particular land he owns due to environmental or social reasons. Therefore, despite certain limitations, they did have their advantages. And they are also easy to write down legally.

Author: Shweta Singh