A Good Deed is Vital

Whether buying or selling real estate, you will eventually come face to face with the one document which transfers title from seller to buyer - the "deed."  The actual transfer of ownership officially takes place when the deed has been "signed, sealed, and delivered" to the purchaser.

Historically, under English common law, the transfer of real estate took place in a ceremony called "livery of seizing."  The owner would meet the purchaser on the land, and hand over a twig or clod of dirt.  Although a written statement of the sale followed, it was the ceremony that signified a sale had taken place.

Today it is the written document, the deed, which marks the conclusion of the sale.  It is said that the seller is the "grantor" in the sale - granting all rights and privileges of ownership to the purchaser.  The buyer is known as the "grantee."

To be valid, a deed must be in writing, and name both the grantor(s) and grantee(s). It is signed only by the grantor(s), however.  Furthermore, the grantor must have the legal capacity to convey ownership.  Having legal capacity means that the grantor is of legal age to make a conveyance, and is of "sound mind."  Since both minors and insane persons can avoid their contracts, no one should propose a transaction that includes them.

Deeds should be drafted by an attorney.  A good deed also contains a "legal description" of the property being conveyed.  The property must be described so as to leave no doubt about exactly what real estate is being transferred.  It must also contain certain legal conveyance language.

This important document should be recorded, and then kept in a safe place.  It is the buyer's sole proof of ownership. 

8:46 AM - May. 17, 2008 - comments {0} - post comment
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