Deed Law and Legal Definition
A written, sealed and signed legal document delivered to affect a transfer of title or an interest in real property to another. A deed should describe the real property; name the grantor (party transferring the property) and grantee (party to who transferred). A deed should be signed by the grantor and he/she should acknowledge before a notary public about execution of deed. There are different kinds of deeds such as a beneficiary deed, a disclaimer deed and a distribution deed, deed of trust, deed of assent and deed in lieu of foreclosure.
A Beneficiary deed is a type of real property deed used to transfer property. On the owner?s death, an owner of an interest in real property may cause the owner?s interest in the real property to be conveyed to people or entities.
A distribution deed is a method of transferring real property when the devisee of real property cannot be determined by reading the will. On the other hand, a deed of assent is sometimes used to convey real property to heir(s) who are entitled to the property under a decedent?s will. A disclaimer deed, however, is a deed in which a spouse disclaims any interest in the real property acquired by the other spouse.
A deed of trust is a document which pledges real property to secure a loan, used instead of a mortgage in certain states. With a deed in lieu of foreclosure, a foreclosing lien holder agrees to have the ownership interest transferred to the bank/lien holder as payment in full.
