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Contents |
Types (4)
Deed of Trust – A deed wherein a homebuyer and a lender financing the purchase agree to transfer the property title to a trustee until the debt is resolved.
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General Warranty Deed – Ensures the buyer that the title is free from encumbrances and that the grantor is on the property title.
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Quit Claim Deed – A deed that does not certify the grantor as the title holder or include warranties against title encumbrances.
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Special Warranty Deed – Used to guarantee that a property was not encumbered while the current grantor held the title.
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Laws & Requirements
- Statutes: Chapter 11 – Form and Effect of Conveyances
- Formatting: § 34-11-1.1, § 34-11-1.2, § 34-11-1.3, § 34-11-1.4
- Signing Requirements (§ 34-11-1): Notary Public
- Where to Record (§ 34-13-1): City/town recording office where the property is located.
- Recording Fees (§ 34-13-7): $80 + an additional $1 may be charged for each additional page. Cities/towns may set other rates for fees (see New Shoreham).
- Forms:
- Form A (Affidavit Attesting To The True And Complete Purchase Price): Required for all deeds recorded in the town of New Shoreham. Grantees must pay a fee of 3% of the purchase price to the Block Island Land Trust.
- Property Disclosure Statement (§ 5-20.8-2): This statement disclosing adverse property conditions must be given to an interested buyer before the transaction is closed.