Deeds for real estate

Deeds for real estate

So what is a Deed?

A deed will convey, or transfer title to, land and real property from a grantor to a grantee. Real property includes buildings and permanent fixtures on the land.
Title to property includes fee simple ownership, the fundamental right to use and occupy the land free of other persons forever. Forms of ownership with others can involve tenants in common, tenants by the entirety or community property between spouses, and life estates. In a life estate, the ownership ends upon death and reverts to another person.
Most simply, a quit claim deed gives up the owner’s interest to the grantee, with no guarantees of what exactly is owned and to be given. Like a release of interest, the grantor “quits” whatever he has and allows another person to take over. A quit claim to the local bridge can be given, but it only gives you what I have, which may be little or nothing. A quit claim is good for clearing title by a person who is signing off to a co-owner, such as after a divorce decree or after dissolving a land partnership.
In Washington a statutory warranty deed has specific wording governed by statute, to warrant or guarantee that the grantor has full and clear title. The grantee receives very solid rights in the land, and is legally assured the grantor really does own the land and is giving clear, marketable title. This is commonly used between arms-length buyers and sellers in the real estate market.
The grantee needs to know whether the en-title-ment he gets from the deed is affected by any clouds on title or claims by others on the property. For example if the grantor has a mortgage loan, or someone has a lien for an unpaid roof job, the grantee’s ownership received by deed is subject to the pre-existing rights of the lender or roofer. A proper lien gives rights in the actual land, regardless of ownership changes. A title search will reveal public record liens and mortgages. Title insurance will protect the new owner by defending title from other claims.
Also in Washington, a warranty fulfillment deed is used for the final step when the grantor pays off a private real estate contract. Rather than having a deed and then a mortgage from a third-party lender, the contract is used to secure buyer’s monthly payments to the seller over time. When the contract is paid up, it is fulfilled by this kind of deed, giving the grantee full title and ownership. Until then, during the contract, grantee only had the right to possession while making payments. Failure to pay forfeits the contract and the land reverts to the seller.
A deed must be signed and witnessed by a notary public, must be physically delivered to the grantee, and to be effective as to the rest of the world, it must be recorded in the public records of the county in which the property exists.
Washington State charges a real estate excise tax based on the sale price of the land. Exemptions to tax, such as gifts, are shown in WAC 458-61A.  Before recording a deed with the county auditor, the county treasurer requires a real estate excise tax affidavit to accompany the deed.