1. Deeds

Question 0

What are the different types of deeds

Answer 0

GENERAL WARRANTY DEED
> used in most states outside of the far west
> considered the best deed
> Warrants Seisen (GRANTOR is the owner)
> Warrants against encumbrances unless stated
> Warrants enjoyment now and forever

QUITCLAIM DEED
> usually only transfers one’s interest onto or off of ownership of realty
> considered least protective deed

DEED OF TRUST/TRUST DEED
> used in the Far West U.S.
> transfers title only to TRUSTEE
> buyer retains ownership right of occupancy and bundle of rights

SHERIFFS DEED
> deed given by the court to effect the sale of property following a
foreclosure in certain states or the outcome of a court hearing

ALL OTHER DEEDS
> less than general warranty  deed
> more warranties than a quitclaim deed
> the Word Before or After deed gives the promise the deed
   warrants
> should have title insurance

Question 1

What is the Purpose of Deeds?

Answer 1

Transfer must be in writing
Recorded to give constructive notice to the world, but not required
Transfer of deed takes place only if the GRANTEE accepts the deed

Question 2

What is TITLE INSURANCE

Answer 2

Insurance policy protecting insured from financial loss caused by defect in title to real property

CLTA (California Land Title Association) - protects GRANTEE
ALTA (American Land Title Association) - protects MORTGAGEE or BENEFICIARY