Deeds
A deed is an essential legal document used to transfer ownership of real estate from one party to another. In Colonial Heights, VA, and surrounding areas, understanding the different types of deeds and their implications is essential for both buyers and sellers. Here’s what you need to know:
- General Warranty Deed: Guarantees that the seller holds clear title to the property and has the right to sell it. Provides the highest level of protection for the buyer.
- Special Warranty Deed: Similar to a general warranty deed but only guarantees against defects in the title that occurred during the seller’s ownership.
- Quitclaim Deed: Transfers whatever interest the seller has in the property, without making any warranties about the title. ofen used in non-traditional real estate transactions.
- Deed of Trust: Used in mortgage transactions to secure the loan with the property as collateral. Involves three parƟes; the borrower, the lender, and a trustee.
After a deed is executed, it must be recorded with the appropriate government office, usually the County Recorder’s Office, to officially transfer ownership and provide noƟce to the public. In Virginia, recording fees and requirements may vary by county.
If you need help with deeds or real estate transactions, give our office a call. Don’t try and navigate this process on your own without legal advice, and jeopardize your prize possession. Your property!