Kansas City Foreclosure Attorneys Explain Types of Deeds, Part 2 — In our last blog, we discussed the interest rate and type types of ownership. Now, we move on to the explanation of deeds. To understand the types of deeds, you must first understand how interest was acquired. Let’s discuss the common types of deeds in the last part of this series. These are everyday deeds used in real estate transactions and ones you can use in special sales.
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Kansas City foreclosure attorneys 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. As we begin discussing the types of deeds and deals that Kansas City foreclosure attorneys use, refer back to the ownership interest we discussed previously.
The type of deed used most often is with the warranty of title from the Seller or Grantor to the Purchaser or Grantee. When someone warrants the title, they can do so with the following deed types:
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— General Warranty Deeds:
This is when the Grantor gives the Grantee free and clear rights to the entire property. This is the full transfer of property, the right, title, and interest in the encompassing real estate and gives the Grantee all the rights to the property. A Kansas City foreclosure attorney knows that this is the most common type of deed used in real estate closings. Sometimes there is a special deal circumstance; if this is the case, contact a broker for advice.
Kansas City Foreclosure Attorneys — Limited Warranty Deeds:
If you are dealing with bank-owned property and not property owned by an individual party, you will likely run into this type of deed. Corporations often use this kind of deed, but sometimes without good reason. The Grantor, in this case, does NOT protect or defend all persons who claim ownership of the property.
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Kansas City Foreclosure Attorneys — Fiduciary Deeds:
These deeds are usually used when an estate executor is the property owner and knows little about it. The Grantor in this type of deed states to the Grantee that they are the duly appointed and qualified owner’s representative. The owner has the unrestricted power to sell the property (Absolute Fee Simple). Sometimes this is used for trusts, living wills, and foreclosures. You may need foreclosure attorneys in Kansas City to help you get through a fiduciary deed.
Kansas City Foreclosure Attorneys — Quit Claim Deeds:
Need help filing a filing a quit claim deed in Kansas City? In this case, the Grantor signs over all their rights in the property without any warranty. Therefore, if the Grantor has no interest in the property, they can also receive no interest. Divorces and the death of a loved one are often when quit claim deeds are used because one party is ordered to turn over the property to the other.
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This is a quick overview of deeds available to you concerning the property. Some questions probably remain on vesting and tenancy in a property which we will tackle in a future blog post. For now, if you are seeking help filing a quit claim deed in Kansas City or you are facing foreclosure and need an attorney, look no further than KC Foreclosure for all your needs.
Do you need a Kansas City foreclosure attorney? Real Estate law is a wide-ranging practice area. KC Foreclosure Law is your one-stop-shop for favorable outcomes across the spectrum of real estate law. From filing a quit claim deed in Kansas City to trustee assistance. KC Foreclosure Law is here for you whether you need to transfer property ownership, litigate complex ownership disputes, evict a tenant, or even find yourself in the middle of a closing dispute. Our contract for deed lawyer in Kansas City is here to help you with everything from redemption rights in Kansas City to mortgage defaults.
Our attorneys frequently advise clients on foreclosure matters, including losing your home and working through forbearance. If you find yourself at risk of losing your home, call KC Foreclosure Law for a free consultation.
