Title Search - Conveyance - Full Value Deed - FVD - Deed Documents - Title Insurance - US Mortgage

Module 4 - Conveyance

Conveyance:

            The transfer of ownership of land for some type of consideration is referred to as Conveyance.

Conveyance Documents are written documents which transfer “Title” from one person or an entity to another person or an entity.

Types of Conveyance:

Voluntary Conveyance:

The Real Estate Property is willfully transfer between one person to another person, which is called as Voluntary Conveyance.

Example: Grant Deed, Warranty Deed, Quit Claim Deed, Will, Lease and Escheat.

Involuntary Conveyance:

The Title is transfer to the new buyer without consent or permission of the current title owner. Its passes by the operation by the law.

Examples: Foreclosure Deed and Tax Deed (Eminent, Dominant & Domino).

Deed:

A deed is a legal instrument used to grant a right. The deed is best known as the method of transferring Title to real estate from one person to another, often using a description of the property.

The two parties involved in conveying the Title of Real Property are:

Grantor: A Person or Entity transferring the interest in real property is known as the Grantor.

Grantee: A Person or Entity receiving the interest in real property is known as the Grantee.

Essential Element of Full Value Deed:

v  Conveyance between strangers

v  Deed Should be recorded by title insurance company

v  Documentary Transfer Tax should be paid on the value of the property (more than $0.70)

v  Consideration Value should be more than $1.00

v  Deed Document the R check box must be checked in the FVD

v  A legal description

v  Sign of the Applicant or Borrower or Grantor

v  Notary Sign and Seal

FDO: First Deed Out

            The First Deed Out is transfer from Government to Individual.

Conveyance Documents:

Grant Deed:

It is a document which legally transfers title of a real property to a new owner and is always recorded at the County Recorder’s Office.

Example: Gift Deed & Interspousal Deed

Gift Deed:

It is a document which transfers the title to real property to a new owner with the consideration of Love and Affection.

Interspousal Deed:

It is a document which transfers the title to real property from one spouse to another.

Warranty Deed:

It is a deed which warrants good and clear title to the real estate transferred.

Quitclaim Deed:

It is a legal document by which a person releases or quits any claim that they may have had

to property.

It is most commonly used between spouses and in partnerships and it contains no warranty.

Special Warranty Deed:

            A special warranty deed also known as a limited warranty deed, Current Owner Details are clean and clear and the current owner assurance can be given to the lender but don’t know about the previous owner clearance information.

Trustee’s Deed upon the Sale or Certificate of Title:

            This Deed is received by the highest bidder at the foreclosure.

Lease:

            Utilize the Property land for particular duration. <99 (the property owner has full rights to take loan).

Will:

Testator living time he able to write a will person after the dead of the testator, the will over and carry the property.

Inheritance:

            An estate in lands or tenements or other things that are acquired by an heir as a result of the death of a person.

Without will to the property owner when the full interest goes to the heir’s its handle by the operation of law. This process is called “escheat”.