Contents |
Types (5)
Deed of Trust – Used when purchasing a home with financing. The deed assigns the title to a trustee until the purchaser repays their debt.
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Quitclaim Deed – This deed cannot attest the grantor as the legal owner of the title, nor does it provide the grantee protection against title defects.
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Special Warranty Deed – A deed wherein the grantor provides warranty against title encumbrances that appeared under their ownership but not under the ownership of previous title holders.
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Transfer on Death Deed – Allows a beneficiary to inherit a title when the owner passes away.
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Warranty Deed – The grantor assumes responsibility for all title encumbrances that may arise.
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Laws & Requirements
- Statutes: Chapter 43-25 – Deeds and Conveyances
- Formatting: § 43-28-23
- Signing Requirements (§ 43-25-26): Notary Public or Witness
- Where to Record (§ 43-28-1): County Register of Deeds Office
- Recording Fees (§ 7-9-15): $30 for the first fifty (50) pages and $2 for each additional page.
- Forms:
- Certificate of Real Estate Value (Form PT-56) (§ 7-9-7(4)): Must be included when filing a deed.
- Property Disclosure Statement (§ 43-4-38): Before a purchase of residential real estate is finalized, the buyer must be furnished this disclosure statement detailing the property’s condition.