Deed
Financial term in the Real Estate category
Definition
A legal document that transfers ownership of real property from one party to another. Different types include warranty deeds (full title guarantee), quitclaim deeds (no guarantee), and special warranty deeds (limited guarantee). Recorded with the local government.
Related Terms
Title Insurance
Insurance that protects against financial loss from defects in a property's title, such as unknown liens, ownership disputes, or errors in public records. Paid once at closing.
Closing Costs
Fees and expenses paid at the closing of a real estate transaction, typically 2-5% of the purchase price. Includes appraisal, title insurance, attorney fees, and loan origination.
Easement
A legal right to use another person's land for a specific purpose without owning it. Common examples include utility company access, shared driveways, and public pathways. Easements run with the land and transfer to new owners upon sale.
Frequently Asked Questions
What is Deed?
A legal document that transfers ownership of real property from one party to another. Different types include warranty deeds (full title guarantee), quitclaim deeds (no guarantee), and special warranty deeds (limited guarantee). Recorded with the local government.
Why is Deed important in personal finance?
Deed is an important real estate concept that helps individuals make better financial decisions. Understanding Deed can improve your financial planning and help you achieve your money goals.
How does Deed relate to Title Insurance?
Deed and Title Insurance are related financial concepts. Insurance that protects against financial loss from defects in a property's title, such as unknown liens, ownership disputes, or errors in public records. Paid once at closing.
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