18 Mar What You Need To Know About Property Deeds
What is a Property Deed?According to Investopedia, a property deed “is a written and signed legal instrument that is used to transfer ownership of real property from the old owner (the grantor) to the new owner (the grantee).” A fun fact to know is that originally, a deed was legally transferred by a “”livery of seisin”, a ceremonial act in which the person transferring the land handed a twig or clod of turf from that land to the other person.
Elements of a DeedThe elements of a deed vary by state, but there are certain things that all of them have to include to be legally valid:
- It needs to be in writing. Although there is not an official form that needs to be used for the deed to be legal, it must be in written form.
- Grantor and grantee requirements:
- Grantors are the people selling the property. A grantee is a person receiving the property.
- The grantor and grantee must have the capacity to transfer and receive property. This means that they need to be legally capable of making a contract.
- They must be identified to be determined with certainty or ascertained.
- The property needs to be described truthfully and adequately.
- The correct legal language to transfer the property must be used.
- The deed must be signed by all the people that own the property.
- The deed has to be legally delivered and accepted by the grantee.