When undergoing a real estate transaction, buyer and seller parties must go through many steps – and many documents – before the property can officially transfers ownership. The closing process will involve the review of documents such as the initial offer letter, purchase and sale agreement, settlement statement, and more. However, the one document that officially transfers ownership of the property from the seller to the buyer is the deed.
A deed is a written legal document that transfers ownership of real estate from one party to another. In a real estate transaction, a deed is typically drafted by the attorneys representing the sellers and buyers prior to the final date of closing. When drafting a deed, the attorneys will include identifying information such as the names of the seller (grantor) and buyer (grantee) involved in the transaction, a description of the property including the dimensions and boundary lines of the land, the date of transfer of the property, and the signature of the seller. Once the deed has been finalized by the attorneys and the date of the closing has arrived, the deed is transferred from the seller to the buyer to officially grant ownership of the property to the buyer.
However, deeds are not just used as a legal instrument to transfer real estate. A deed will also serve to demonstrate to the public who has ownership of a property as it is a publicly available document on the Registry of Deeds in the County in which the property is located.
The two most common forms of deeds seen in Massachusetts are the warranty deed and the quitclaim deed. Each of these deed options can be effectively used to transfer property from one party to another with each deed offering differing levels of protection and assurances to the buyer.
A warranty deed provides the buyer with the most protection to ensure that no liens, encumbrances, or mortgages exist on the property granting the buyer the maximum amount of assurances regarding the property’s title. A quitclaim deed will convey the title and interest that the seller possesses in the land to the buyer.
If you seek representation in a real estate matter, please contact D’Ambrosio LLP. Our experienced and hard-working team will assist you to ensure that your real estate needs are met.
