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When you own a home, the deed is the physical document that proves ownership. The title is the concept of legal ownership that the deed grants you. You can think of the deed as the document that transfers, or passes on, the title or the right to ownership. When you buy a home, you need both.
What is the main purpose of a grant deed?
With a grant deed, the grantor, or seller, transfers his ownership in the property to the grantee, or buyer, guaranteeing that he actually owns the property. This provides protection for the grantee, or buyer, because it ensures she is getting what she is buying, and a title company has the ability to insure her title.
What is the best proof of ownership of property?
Deed: The most important document is the property deed, which is a legal document that transfers ownership of the property from one party to another. The deed should be recorded with the local government, usually at the county recorders office.
What is a grant deed in Nevada?
With a grant deed, the grantor is granting their interest in a property to the grantee. It is guaranteeing that the property hasnt been transferred to any other grantee, and that it is free from any encumbrances, such as liens or taxes.
What is the main purpose of a Grant Deed?
A stamped grant deed filed with the county recorder (It shouldnt be handwritten) The grant Deed must show the instrument number and the units address. The assessors property tax statement (the copy must indicate the propertys address and name of its owner)
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The fundamental difference is that a Grant Deed ensures the grantor has a legal interest in the property, while a Quitclaim Deed releases only the potential interest one might have in a property without any warranties.
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