What is a statutory warranty deed?
A statutory warranty deed is a legal document used to transfer real property. This type of deed guarantees that the grantor holds full and clear title to the property and will compensate the buyer should any claims emerge against the title in the future.
What is the difference between a statutory warranty deed and a deed of trust?
The warranty deed transfers the property’s ownership from the current owner to the new buyer, while the deed of trust ensures the lender has interest in the property in the event a buyer defaults on the loan. However, they will both be filed as public records after the purchase is complete.
What is the difference between a deed and a warranty deed?
“DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee.” A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee. It is even possible that the Grantor does not have any title or ownership interest at all!
What does statutory mean in real estate?
Much regulation of real estate is statutory, enacted by a legislative body, or regulatory, enacted by a governmental administrative agency. Environmental laws , for example, are primarily statutory and regulatory. Other real estate law is common law, meaning that it evolved from judicial decisions.
What is a statutory title?
Noun. 1. statute title – a heading that names a statute or legislative bill; may give a brief summary of the matters it deals with; “Title 8 provided federal help for schools”
What is a deed of Recon?
A deed of reconveyance is a legal document that indicates the transfer of a property’s title from lender to borrower. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full. With your mortgage or deed of trust paid off, you cannot be foreclosed on by a financial institution.
Is the deed of trust the same as a deed?
The difference between a deed and a deed of trust is the type of ownership interest each document conveys. A deed is a full ownership interest. A deed of trust is a security interest.
What are the components of statute law?
Components of statute law may include: principal legislation, such as Acts. subordinate legislation, such as: approvals.
What is the meaning of statutory ban?
a recognized by statute. b subject to a punishment or penalty prescribed by statute.