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
A Trust Deed or Deed of Trust is used to transfer legal title to Property to a Trustee.
The Trustee holds the Deed of Trust as security for a loan between a borrower and lender.
The borrower is referred to as the Trustor, while the lender is referred to as the Beneficiary of the Deed of Trust.
Most mortgages use a Deed of Trust.