Contract for Deed Lawyer in Kansas City Explains Types of Deeds, Part 1 — A contract for deed lawyer in Kansas City wants you to know that there are various types of deeds used in real estate law. Sometimes it is hard to understand what it means when things get transferred. Or you might get confused with what is conveyed when signing a deed.
It is imperative to understand the interest owned by someone called the Grantor of the deed. Real estate attorneys can help with terminology like this.
In most real estate transactions, there is a Purchaser, Seller, and Lending Institution. The first thing someone gets involved in a transaction like this to understand is something called Fee Simple Interest.
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There are general types of fee simple interest, according to a contract for deed lawyer in Kansas City:
- Absolute Fee Simple Interest: This is the explicit power to sell real estate. This is the type of interest most Sellers have and convey to Purchasers.
- Defeasible Fee Simple Interest: This is an interest conveyed in real estate which can be defeated/canceled upon some future event. This is the type of interest that Purchasers carry with their bank.
- Equitable Interest: Purchasers by contract-to-purchase agreements, land contracts, and lease agreements get less interest than through payment simple in nature. They do not have open power to sell the property.
Learning the interest side is essential because the purchaser in a traditional sale requires several things. All of the seller’s rights, title, interest in the property, and the ability to sell the property in the future.
As for the types of ownership we described, we move on to the explanation of deeds. In order to understand the types of deeds, you had to first understand how interest is acquired.
We will discuss the common types of deeds in our next blog. These are common ones used in real estate transactions and ones you can use in special sales.
In our next blog, a contract for deed lawyer in Kansas City will talk about the following types of deeds that real estate attorneys typically work with. These include general warranty deeds, limited warranty deeds, fiduciary deeds, and quit claim deeds.
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