Different Types Of Deeds
Deeds are special types of legal documents which are used for rights, interest or property and involved some judiciary sealed. Basically, it deals with the issues of property but there are other types of deeds as well which deals with different other issues. They include licenses, conveyances and the most commonly used deeds in our society; power of attorney. Physically, they are simply a piece of paper, but it can change your life in few seconds. If you are getting benefit from them, then you are the lucky one, but if you are on the other side, they can be your worst nightmare.
Following are several types of deeds used in legal and judicial system in almost every country.
General and special warranty:
As the name indicates, general type of deeds consists of general issues and demands, but on the other hand, special types of deeds/ warranty is based on the special claims which occurred after the state has been given to the grantor. Mostly the general type of deeds is used to deal with the common issues like houses and residential estate transfer while the special type is commonly used in dealing with the commercial property and commercial transactions.
Bargain and sale deed:
This third type of deed is involved with the bargain and sale. This kind of deeds is used judicially in the courts for the issues of property. When a property is sold to someone, these kinds of deeds help to deal with the issues of sale. Whenever the property is sold, its papers are not directly given to the person who buys it. There is a judicial process that has been handled by bargain and sale deeds. These are used to resolve many conflicts that arise in the process.
Deed of trust:
These kinds of deeds deal with the trust issues. They are the alternative to mortgages. In this kind of deed, there are three parties involved. One is the beneficiary who is giving the money in the form of trust. Another is the borrower who needs the loan for some purpose and there is a special party as well. It is called the trustee. They are different from mortgages because they involve only two parties, one who gives the loan and another who takes it. Trust deeds are more trustworthy because they help you secure the money in the form of some security. Although mortgage also involves some security, but the risk in that is the borrower’s property is in the hands of the lender. He can use it illegally or can do anything to it. Deeds of trust ensure the borrower plus lender that their money and security cannot be misused. This third party is not involved with anyone. It could be some government firm or private company which secures the interests of both lender and borrower. They provide you with some document which contains different term and conditions for the loan. They are both in the benefit of the borrower and the beneficiary.