How the ownership of the property is acquired and what promissory notes there are - title companies and other concepts

Good morning friends

Today a little order is made for anyone who is starting to invest in real estate in the US and wants to know how the ownership of his property is registered, where and what types of title deeds there are and some more concepts for general knowledge.

US real estate ownership is called Title and Deed is called Deed.

The act of registering the property in the name of the new owner is called Register of Deed.

In the past, the title deed to a property was kept in the family safe or in a bank and could be transferred from one to another. At a certain point, it was decided that the ownership of real estate would be registered in a central location in each district. You can now check who owns any real estate in the US.

According to the law, registration in the district is required today for any transfer of ownership of real estate, and after registration, the original title deed is no longer needed to prove ownership, of course it is recommended to keep a copy of the title deed.

One important thing to note after buying is that the bill of ownership is actually registered in the province. To see property ownership, do a Google search of Duval county property records or Duval county assessor. Of course, each will enter the county name where you purchased the property, then do a search by the property's address or owner's name.

The most common title deed is called Warranty Deed or General Warranty Deed, which is the title deed that gives the buyer maximum protection against claims against former owners, unpaid debts, or anything else that has happened over the years. The property goes to the new owner Free and clear It means clean of all liens and debts.

This point is important to understand - in fact, whoever commits to a property free of liens and debts is the seller and any problem that arises as buyers we will turn to him so to protect himself seller makes insurance for sale called Title Insurance - but the insured himself is the buyer.

Another common bill of lading is called Quitclaim Deed as it is, The seller relinquishes his ownership of the property and transfers it to a second party without liability. Transfer of ownership in this way is common as a gift between family members. The recipient of the ownership assumes all the existing debts or liens on the property and will not be able to sue the seller, so in such a case if we want to protect ourselves we as buyers can purchase title insurance for the property - keep in mind that not every title company will insure a Quitclaim Deed transaction.

Another bill of ownership is called Special Warranty Deed And here the seller assumes responsibility only for the period he held the property, even in this case it is of great importance to buy Teitel insurance.

There are other types of ownership notes but the most common ones.

Link to the original post on the United States Real Estate Forum on Facebook - Works on a desktop computer:
http://bit.ly/2CXjBu9

The original responses to the post can be read at the bottom of the current post page on the site or in the link to a post on Facebook and of course you are invited to join the discussion

• Thank you opponent. A very important explanation for real estate investors in the US. We would be happy to add it to Nafdia Real Estate under the appropriate value. ???
• Thanks Yariv, fascinating. Did you happen to have to run this insurance once with an investor?
• Another very important thing is the city certificate. A document showing that there are no debts and problems with the municipality. Tittle would not see it
• Thank you Yariv Golan will keep updating us from time to time
• Thanks for the info… Enlightening
• Thank you. Clear and to the point
• Thank you!
• many thanks! Indeed, information is very important
• Yariv Golan is a real man and a real professional.
• Hi opponent I think you swim in clay. Suggesting that the forum explain the differences between LC, family trust, and property trust under various conditions to provide protections to the buyer and transfer part of the property owner to a family member. I have a feeling that not everyone is aware of this material
• Thank you
• Thank you very much Yariv !!!
  Quietclaim deed…
  Inheritance, etc .. I was actually on the side of the real estate agent sees this as an opportunity and even looking for ways to locate such cases since quite a few such cases will want to get rid of the burden of home payments… Really?
• Yariv! You have taught me a lot, bless you. Thank you very much
• Really helpful post - thank you so much!
• Thanks Yariv. Important post