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Last Updated August 4, 2008 |
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Property deeds are legal instruments used to transfer title of real estate from one person to another. A deed has the names of the seller and buyer and a legal description of the property. There are certain words used in a deed that signify the transfer of property, such as transfer, grant, convey, and assign. All these words indicate that a seller is transferring title to the buyer. There are the common types of deeds: general warranty deed, special warranty deed, and quitclaim deed. Other jurisdictions may have other types of deeds, such as a grant deed, tax deed, deed-in-lieu of foreclosure, and trust deed. |
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Last Updated August 5, 2008 |
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When selling a house, there are requirements upon the seller to disclose various defects of a home or encumbrances upon the property. If a seller fails to provide these disclosures, he may be held liable for the defects, and the sale could be rescinded. The degree of disclosure a seller must provide to a buyer of real estate depends upon the jurisdiction in which the property is located. While some states require a state-mandated disclosure form be used, others do not. It is recommended that at a minimum the disclosures be made in writing and that the buyer signs and acknowledges the disclosures. |
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