When a person is thinking about buying a home in Mississippi, he or she might be looking for a certain number of bedrooms and bathrooms, a property with a garage or a fenced yard or a location close to schools. The buyer might not have information about home deeds, however, which is helpful to know for the transaction.
A deed transfers the ownership of the property from one owner to another owner. It lists the names of the current and new owners as well as a legal description of the property. It must also be signed by the person transferring the property.
A warranty deed transfers ownership of the property and also contains additional promises, including that the property has good title. Good title means that the property is free of encumbrances like liens and easements.
A grant deed transfers ownership of the property and also promises that the property has not been transferred to someone else.
A quitclaim deed transfers the ownership rights to the property that the transferring party has. These are sometimes used when it is unclear what rights those are. It does not grant the buyer a warranty regarding the status of the property’s title.
It’s very important that the property deed is recorded, which means that it is filed. Deeds are public records and that helps anyone performing a title search to know that the buyer owns the property.
An experienced real estate attorney can answer questions and provide representation for many aspects of the purchase process, including title searches and loan closings.