Deed
Real estateGlossary term
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 InsuranceInsurance 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 CostsFees 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.
- EasementA 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.
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