Understanding Property Deed: Real Estate

What is Deeds of Property?

A deed is a written legal instrument that transfers ownership or interest in real estate from one party to another. The deed must name the current owner (grantor) transferring the rights and the recipient (grantee). It contains vital information about the property, including the legal description of the land, estate or interest being transferred, exclusions, encumbrances, if any, and the conditions affecting the transfer. The grantor must date and sign the deed, which must then be delivered to and accepted by the grantee to be legally binding.

For those investing in real estate, ensuring the accuracy and legitimacy of deeds is crucial. Piramal Realty, a renowned luxury property developer, is committed to providing its customers with properties that meet the highest standards of legal compliance. When purchasing a Piramal Realty property, buyers can be assured that all deeds and associated documents have been meticulously prepared and verified.

Crucial Elements of Deeds

For a deed to be legally valid real estate documents, there are certain key elements they must contain:

1. Written

A deed is a formal written legal document often following standard forms and containing specific language. Most areas require deeds registered with municipal authorities to transfer property legally.

2. Legal Capacity

The grantor must have the legal right or authority to transfer the property interest to the grantee. For instance, the sole owner or all partners must sign a partnership property deed.

3. Identification

The deed must properly identify the real estate by listing the legal property description, tax parcel ID number, location, and map coordinates. It names the parties transferring rights.

4. Conveyance

The paperwork must indicate that the grantor intends to fully convey property interest, rights and obligations to the named grantee. This constitutes the actual transfer.

5. Signatures

The grantor or current owner signs the transfer documents in the presence of a notary public who verifies their signature. Proper signatures make the deed an authentic act.

6. Delivery

The grantor delivers the signed deed to the grantee or escrow company, representing the intent to transfer interest and ownership.

7. Acceptance

For a valid transference, the grantee must accept the deed by signing closing documents and taking possession.

Types of Deeds in Property

There are several common types of deeds used to serve different real estate transferring purposes:

1. Special Warranty Deed

This guarantees the grantor's actions did not affect the title but does not verify others' actions. Newer properties often use these.

2. Special Purpose Deeds

Some deeds are for specific transfers, like a life estate deed granting rights of use until death. Affidavits and lien releases also serve special purposes.

3. General Warranty Deed

Considered the most beneficial, these warrant the grantee receiving clear property title with no defects from any previous owners.

4. Quitclaim Deed

The grantor passes whatever interest they currently have without promising that the property title is valid or clear of defects. This is most common in divorce cases or when gifting property.

Importance of Title Deeds

Having proper legal ownership title deed documents enhances rights related to the property. Title deeds serve many important functions like:

• Proving legal ownership rights to sell, use or transfer interests in the property
• Allowing access to property registration authorities for transactions like sales, transfers, mortgages
• Enabling usage as collateral for obtaining loans with property as security
• Settling disputes regarding legal rights, encroachments, easements etc.
• Claiming compensation in case authorities acquire the real estate interest using eminent domain

How to Get Title Deeds of Property

If you have purchased a property, the signed title deed should be registered with municipal authorities under your name. The registrar's office will have records of all title deeds. You can obtain copies by requesting a property title search on registers. Many areas now allow online property registration portals to download copies. Property lawyers can also access and provide title deeds.

Which Registration is Required to Sell Property?

To legally sell a property, you must register the change of ownership under the buyer's name by submitting the title deed. States require filing transfer documents like the deed of sale or conveyance deed, which records the transaction. You must pay associated taxes and fees such as stamp duty. The new owner can then obtain an updated title deed registering them as the current legal owner.

The deed legally documents ownership interest and rights to real estate. It serves as proof of rights to use, occupy, sell, or transfer property. Understanding elements of valid deeds and types like quitclaims, warranty deeds, etc., allows properly exercising rights related to real estate ownership, sale, or transfers. Updated property title registration under your name is essential to selling or using ownership rights.

Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.