So i am really trying to understand the entire process of deeds vs title . Does the title process occur after funds are disbursed? what if you have the property owner (lets say in foreclosure) deed you their property so you can talk with their bank; does that mean that you are still not the owner, but can negotiate on the sellers behalf? also, title occurs at closing correct? so is it possible to have deed on a property, but not title?
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I though of answering this myself but I think that wikipedia.com has the best descriptions:
Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest[1] The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. In many cases, both possession and title may be transferred independently of each other.
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A deed is a signed and usually sealed legal instrument in writing used to grant a right. Deeds have historically been part of the broader category of instruments under seal, requiring only the affixing of a common seal to render them valid. Today, however, deeds are instruments in solemn form which require the author's signature and a number of attesting witnesses. Deeds are also referred to as agreements under seal, contracts by deed, specialties, or indentures and are often used by lawyers when a very formal document is required.[1]
Deeds can be described as contract-like as they require the mutual agreement of more than one person. Deeds can therefore be distinguished from covenants, which being also under seal, are unilateral promises. However, a deed differs from a simple contract in that it is enforceable without consideration, has a liability limitation period of double that of a contract, and allows for a third party beneficiary to enforce an undertaking in the deed, thereby overcoming the doctrine of privity.[2] In its narrowest sense, a deed is any formal document that transfers interest or right of ownership (title) to an asset from one person to another, often using a description of its metes and bounds, e.g., conveyances, transfers, mortgages, charges, or leases. However, by the general definition, powers of attorney, commissions, patents, and even diplomas conferring academic degrees are also deeds.
To recap: Title gives or shows a proof of ownership. The deed is the instrument that is used to also show proof of ownership but is the formal document that can transfer interest in property. This is also the document that is foreclosed upon. A foreclosure is the forced transfer of deed.
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nstreet i do look forward too your comments!
Title too deed, Almost reminds me of,TRUST of something!
Invest in yourself!
You can also do a Special Warranty Deed with your local title company. The original owner will still own the property but you will be listed on the title. Also have the sellers singa Authorization for Mortgage Information so you ave direc access to the bank info. Hope this helps.
Michael A Grohmann
Michael Anthony Investments
Mike@ma-investments.com
www.ma-investments.com