
Understanding property contracts when selling...
When it comes to selling your property, one of the biggest things you’ll have to consider is the contract. Understanding it is key in the selling process.Agency agreementWhen choosing your agent,...
A property deed is a written and signed binding document that legally transfers ownership of real estate from one person (the old owner) to another person (the new owner).
A property deed is a written and signed binding document that legally transfers ownership of real estate from one person (the old owner) to another person (the new owner). Deeds contain a legal description of the property, providing specific details that uniquely identify the home being transferred and also require the signature of the party transferring the property.
Failing to officially record your property deed may lead to significant issues. Securing a mortgage, obtaining property insurance, and selling the property may become challenging. Moreover, the individual who sold you the property might sell it to someone else, potentially jeopardising your ownership. It’s therefore imperative to ensure the proper recording of your deed to avoid these complications.
While a deed and title are somewhat similar, they are not exactly the same thing. A deed is simply a written document (tangible) that transfers ownership rights to a property from the current owner to the new owner while a title represents the legal rights (intangible) of property ownership, such as possession, control, and disposition.
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