A deed is the document that shows when property actually changed ownership. Once a deed is signed by the seller, it will be recorded at the courthouse.
Almost every deed includes a sentence similar to “For one dollar and other good and valuable consideration” regardless of the actual cost of the real estate.
Deciding how to distribute assets among loved ones upon death may seem straightforward. In practice, it quickly becomes clear that it is not so simple.
Sometimes we can find ourselves co-owning property with one or more co-owners wanting to be bought out. Even if we are in the process of converting ownership of the co-owned property into assets owned by an LLC, it becomes important to value the property and each person’s portion.
Over time, most of us accumulate a variety of important legal documents. Birth certificates, vehicle titles, social security cards, wills, deeds to real estate, life insurance policies, tax returns and other various records begin to pile up. Some of these can be easily replaced. For others, the original holds special legal value and should be kept secure.
Changes in business ownership or relationships will require a selection of documents that help outline the details.
Historically, meaningless words were added to legal documents to puff them up. It is now a cliché that attorneys prepare very long documents, even with all of the extra fluff removed. Legal documents are lengthy because short and simple contracts can leave clients unprotected and work against their interests.
Co-owning land or other property can be a good idea in the short run, but may present significant difficulties down the road. If one of the co-owners dies, new owners’ wishes can be completely different than what was originally intended.
Transferring ownership of land can be time consuming, costly and complicated. While surveying in the early days of our country was done with less precision than today, the various uses of a piece of property might still necessitate that a new survey be conducted.
The three most common types of deeds are warranty deeds, limited warranty deeds and quit claim deeds. Each type of deed in real estate is different in its own way, especially in what it promises from the seller.
