There are many important legal documents that you will have possession of in your lifetime, and one of the most important of all of these legal documents is a deed. If you live in the Corona area of California and you require assistance with the planning and preparation of your deeds, then you are going to want to seek help for your deeds in Corona. Keep on reading to find out more information about deeds in Corona.
What Exactly Are Deeds?
Put simply, a deed refers to a legal document that grants the title of ownership from one party to another. To best illustrate this, think about the act of purchasing real estate. Why you buy real estate, a deed is passed from the seller to the buyer. Deeds not only used for property, but they are also used for other large purchases, such as cars and boats.
Why are Deeds Important?
Deeds are important because they show who possess ownership of something. When you make the purchase of something substantial, like a home, a car or a boat, for example, a deed will show that you are the legal owner of said object. A deed shows that you have full ownership of the object that it is attached to, which means that you can do whatever you wish with the object.
Types of Deeds
There are several types of deeds. The type of deed that you have determines the type of ownership that you have of the object the deed is attached to. Here is a look at some of the different types of deeds:
* General Warranty Deeds. These deeds show that no one else holds interest in the property that the deed is attached to. These are the most common types of deeds.
* Limited Warranty Deeds. These deeds only cover the current owner has owned the property that the deed is attached to and it does not cover any prior period of ownership.
* Life Estate Deeds. This deed is used when the owner of a property wants to put the property into someone else’s name in the event of death. An example would be when someone leaves a home to someone else upon their death. This deed grants immediately grants part ownership to the named party.
* Transfer on Death Deeds. These deeds are similar to Life Estate Deeds, but any ownership to the named party does not take place until the time of death of the granter.
Deeds in Corona are exceptionally important and should be handled appropriately.
