Tips for Home Buyers: What is a Deed?

By
Real Estate Agent with ColdwellBanker SSK Realtors ~ 478.960.8055 anita@cbssk.com
http://actvra.in/B5k

Tips for Home Buyers: What is a Deed?

As real estate professionals, we get asked many questions throughout the course of our day.  One of the those frequently asked questions that my Houston County GA buyers often ask is, "What is a Deed?"

Tips for Home Buyers: What is a Deed?A deed is the document used to transfer property ownership from the seller (grantor) to the buyer (grantee). A signature by the seller validates the deed and is their declaration they have authority to sell and are giving up their rights to the property.

In Georgia, the transfer of deed occurs at closing. Within 30 days after closing, the buyer should receive a copy of the warranty deed. The warranty deed is a guarantee made by the seller that the title is clear and they have authority to sell the property. Keep your copy of the warranty deed in a safe place.

As a failsafe in-case the buyer defaults on the loan, the bank holds a security deed that transfers title to the lender until the note is fully paid. Once paid-in-full, the bank releases the title to the homeowner.

Below are typical deeds used in Georgia real estate. They must be in writing, list both the grantor and grantee, identify the legal property description, indicate the title is being transferred, and contain the grantor's signature.

  • General Warranty Deed - Seller "guarantee" they are the owner of the property, have the right to sell the property, and the property is free of liens.
  • Special Warranty Deed - Limits seller liability to only what the deed is specifically granted for, such as the seller stating they are selling property they have legal titleship to sell.
  • Quit Claim Deed - Typically used in divorce settlements where a property was jointly owned and one party gives up any interest in the property. Other uses include transfer of ownership between family members and when the property is placed in a living trust.
  • Fiduciary Deed - A deed executed by a trustee or guardian because of an incapication of another adult or when the owner dies and transfer of assets or liquidation must occur.

Before signing any real estate documentation you do not understand, contact a real estate attorney to ensure you know your obligations and the ramifications involved.

As always, Houston County real estate information is brought to you as a courtesy by Anita Clark, your Warner Robins Real Estate Consultant.

 

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Topic:
Real Estate Best Practices
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what is a deed
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Comments 12 New Comment

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Rainer
210,498
James Loftis
Real Estate 911 Inc
Real Estate 911 Inc

Hello Anita,

 

Good information for any homeowner to know, Thanks for sharing with all of us.

A lot of new homeowners to not know the difference from being on the deed and being on the Mortgage.

Beiing on the the deed is important. being on the mortgage, not so much.

May 13, 2012 08:13 AM
Rainmaker
1,372,183
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Anita, these are great tips, as these are common questions asked by buyers!     Great post!

May 13, 2012 08:44 AM
Ambassador
1,439,432
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

Anita, Georgia is very similar to Ohio in practice on deed issuance and types.

May 13, 2012 09:10 AM
Rainmaker
442,808
Kathy Stoltman
Ventura County Real Estate Consultant 805-746-1793
Rockwood Realty

So very important and most buyers and some sellers have no clue, well written, thanks for sharing.

May 13, 2012 09:52 AM
Rainmaker
1,340,672
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

Thanks James and you are right, many do not know what all the terms mean.

Joan...it's a question I hear periodically and it's a good one to ask.

BLiz...It's good when buyers and sellers understand their responsibility in the process.

Kathy...so true, many really do not have any idea what a deed is.

May 13, 2012 12:42 PM
Rainer
210,374
Joe Kenny
Better Than Your Average Joe
Realty Executive Midwest

Anita, this a very informative post in deed.  Nicely done as always.  It's a good life.

May 13, 2012 04:29 PM
Rainmaker
637,731
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Anita - Great information for buyers to have.  It's important to understand the documents involved in a real estate.  Great post!

May 13, 2012 04:57 PM
Rainmaker
1,340,672
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

Nice play on words Joe.

Laura...knowing what they mean can help save a bunch of money and frustration if there are problems.

May 13, 2012 05:01 PM
Anonymous #9
Anonymous
Anonymous

Anita, all of this wonderful information you've provided is just what buyers need to know (and what sellers should already know!) - very valuable info!

May 13, 2012 05:31 PM
Rainmaker
1,340,672
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

Karen: It is surprising how many buyers do not understand what a deed is.

May 13, 2012 05:44 PM
Rainmaker
529,794
Mark Loewenberg
PA 561-214-0370
Keller Williams of the Palm Beaches

great way to explain it to the buyers out there, very useful too! thank you,

May 13, 2012 06:41 PM
Rainmaker
1,340,672
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

Thanks Mark.  Simple is always my favorite approach.

May 13, 2012 07:27 PM
Show All Comments
Rainmaker
1,340,672

Anita Clark

Realtor - Homes for Sale in Warner Robins GA
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