If a family member wants to transfer property to another member of the family, a gift deed might be needed. This assures the grantee that the property is his or hers even if no money has exchanged hands.
A fiduciary deed is executed by a fiduciary. This happens when a trustee is appointed to deal with the property. An example would be when the property belongs to a minor and a guardian is appointed to handle legal matters until the property owner is of age.
A security deed replaces a mortgage and is used when the owner borrows against the property and the lender requires an interest in the property. The owner keeps using the property but the lender has title to it until the loan is repaid.
The seller (grantor) and the buyer (grantee) can be individuals, corporations, or other entities. The appropriate description is accurately detailed in the deed document. The grantor must meet legal requirements, which vary from area to area. The typical requirements are that the person is competent to make the deal. Also, the deed must be signed by the grantor.
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