Table Of Content
Let's assume mom wanted to add her son to the deed of her home to facilitate its transfer at mom's death. Mom's original cost basis with improvements was $250,000, and the fair market value was $500,000 at the time mom added her son to the deed. The value of the gift was $250,000 (50% of $500,000), but when mom died, the son's cost basis on his share of the house was still $125,000 (50% of the $250,000). In a warranty deed, the grantor promises to pay for any lawsuits or damages due to undisclosed ownership disputes. There are many other types of deeds, such as warranty deed, joint tenancy deed, easement deed, trust deed, etc.
Special purpose deeds
You can also visit the Los Angeles County Recorder’s Office website, which maintains records of property deeds and other property-related documents for the county. Additionally, you can visit the Los Angeles County Clerk’s Office, which has records of property transactions and other property-related information. One single owner who owns their house outright will sell their home to another single purchaser. However, there are instances when deeds can get complicated and tricky.
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Deed of Trust
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You can also access some records online through various websites, although these may require a fee or subscription. In the next section, we’ll discuss how to use these resources to find property ownership information. Having a properly recorded deed to your house mattress because it provides you with legal protections. First and foremost, it proves that you are the legal owner of a property, and thus have the right to take certain actions. Examples include taking out a new mortgage on the property or selling the property.
VII. What is a Cap Rate in Real Estate?
After the grantor's death, the trust acts as a will substitute and enables the assets to be privately and quickly distributed without going through the time and expense of the probate process. This will allow the grantor full control and use of their home during their lifetime while providing for efficient distribution at their death. Real property may also be transferred using an executor's or administrator's deed. These deeds are issued by an estate representative during estate administration. Register for business e-services if you’re a business that needs to manage multiple searches and download multiple copies of documents.
Warranty deed: special & general
There are several different types of deeds that homeowners can use to transfer property ownership. Different deeds offer varying levels of protection to either the grantor or grantee, and are thus selected based on the circumstances. A quitclaim deed, sometimes called a non-warranty deed, offers the least amount of protection to the grantee. Quitclaim deeds convey whatever interest a grantor has in the property, which could be zero in some cases. Warranties or promises regarding the integrity of the title are not made.
This is distinct from a gift deed, which is used to transfer property while the grantor is still alive. In the context of a loan secured by a deed of trust, a deed of reconveyance is used to release the property from the lien once the loan has been fully repaid. It acknowledges the satisfaction of the debt and transfers the legal title to the trustor (borrower). A mortgage deed is a document signed between a homeowner and a bank or lending institution to secure a loan. More specifically, it secures the property as collateral for a loan — meaning a “mortgage payment” is paid towards a loan debt, with the house serving as security in the event of a default. It provides the most substantial protection for the grantee and allows for legal recourse if any unsettled debts or issues with the deed arise.
Also, check with your local county regarding methods of payment accepted. They often offer various methods of payment, such as credit card, cash, check, and money order. Get matched with a lender that will work for your financial situation. Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at
A Guide to Property Deeds - What You Need to Know
The special warranty deed guarantees that there are no title issues during the time period the grantor owned the property. In contrast, a general warranty deed extends this guarantee throughout the property’s history, even through prior owners. Special warranty deeds are often used in the case of home foreclosures when grantees buy properties from banks. A property deed is a legal document that proves ownership of a property.
III. How to Find Out Who Owns a Property in California
“Holding title” is a real estate jargon that means that you own a property and have the right to use and sell it. If you’re in the process of purchasing a home, you’ll receive a certified copy of the deed to your new house at the time the title gets transferred to you. As in the Executor’s Deed example, the municipality offers this type of deed to indicate that the deed is being issued by someone in their official capacity. They have no personal knowledge of the property or its title and they’re making no warranties. The spouse leaving the home will file a quitclaim deed to publicly make clear that they no longer have an interest in the property.
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Jason W. Weaver and Linda W. Weaver conveyed property on a public road to Daryl Z. Nolt for $680,000. Dean H. Mylin conveyed property on a public road to Pops Place Family Restaurant LLC for $375,000. Erin N. Cocker and Travis Cocker conveyed property on a public road to Erin N. Cocker for $1. Kimberly N. Cisneros and Amanda M. Ermilio conveyed property on a public road to Melissa Daddario and Garrick Hayden for $340,000.
The deed documents the ownership of the property, and identifies the property’s grantor (seller) and grantee (buyer). The grantor or both parties will need to sign this document for the property to legally change hands in a real estate transaction. A general warranty deed is used in many real estate transactions because it’s one of the most secure types of deeds. Ensuring that the grantee has a clear right to the property, a general warranty deed makes certain that the property is absent of any liens, encumbrances and debts. With a general warranty deed, the buyer can have total confidence that they have complete legal ownership of the property.
If this conflict grows into a lawsuit, a judge will need to decide whose rights (or title) will be enforced. Deeds are also categorized based on the type of title warranties provided by the grantor. Both parties must sign and date the deed in the presence of a notary public. Check your local state requirements, as some states require witness signatures as well.
If you are unsure about the type of deed you have, it is advisable to consult with your county’s recorder’s office for guidance and clarification. A deed of reconveyance is typically prepared by the trustee and recorded in the public records to provide clear evidence of the release of the lien. Deeds of trust usually contain a power-of-sale clause, enabling the trustee to sell the property without a court order in case of foreclosure. This kind of foreclosure is referred to as non-judicial foreclosure, which is different from judicial foreclosure with a mortgage deed. A Gift Deed, or a Deed of gift, allows the grantor to transfer money or property as a gift without receiving consideration (money) in return.
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