A Property Deed establishes the right to claim ownership of specific Property.
Property ownership changes include the transfer of a Property Deed from a seller (called the Grantor) to a buyer (called the Grantee).
Every state uses a few different types of Property Deeds but they all include some common information about the Property including:
There are a few different kinds of Property Deeds.
The different types are used to facilitate Property ownership transfer under the various conditions which may arise between a seller and a buyer.
Most, but not all, Property Deeds are recorded.
- A description of the Property described in a way that it cannot be confused with another Property
- The names of both the seller and buyer of the Property
- The official date of the Property transfer
Fee Simple is a legal form of ownership.
Fee Simple is the most common form of real estate ownership.
Fee Simple ownership is absolute title to the Property free of any other claims against the Property Title.
Fee Simple ownership usually does not have a time limit and allows for re-conveyance at the discretion of the owner.
Fee Simple ownership is used to show that there are no conditions on the Property Title other than legal easements or other encumbrances specified on the Property Deed.