What is deed?

A property deed is a legal document that lists the location, attributes, and signature of the person transferring ownership. It is used when a seller gives legal ownership of real estate to a buyer. For a property deed to be enforceable, it has to be registered with the local sub-registrar office. If the property deed is registered with the local sub-registrar office, the formal acknowledgment and documentation of the ownership transfer will be made available to the public. This stage is crucial to safeguarding the buyer's and seller's rights and interests regarding the property.

How many types of deeds are there?

Transferring ownership of real estate from one person to another is accomplished through a variety of property deed forms. Different degrees of protection and assurances are offered to both the seller and the buyer by each form of deed. Typical forms of property deeds include the following:

Sale deed:In return for a specified amount of money, the seller gives the buyer the ownership and title of the property according to this preferred kind of deed.

Gift deed:This kind of deed transfers property ownership from the giver to the donee unconditionally. The move must be willing and motivated by love and devotion.

Mortgage deed:It is a kind of deed that uses the property as collateral to obtain a loan. Until the loan is paid back, the borrower gives the lender ownership of the property.

Lease deed:This kind of deed gives you the freedom to use and occupy the land for a certain amount of time in exchange for rent. The user becomes the tenant, and the property's owner continues to be the landlord.

Warranty deed:This kind of deed offers the buyer the most amount of protection. The seller warrants that the property is free of any flaws or encumbrances and that they are legally entitled to sell it.

Quitclaim deed:This kind of deed gives the buyer ownership of any interest or claim that the seller may have in the property. Regarding the property, the seller makes no promises or assurances.

Grant deed:A particular kind of deed that gives two implicit assurances to the grantee: that the grantor hasn't already given the identical property to someone else and that the property is free of any liens or encumbrances that the grantor is aware of.

What is general power of attorney (G.P)

A general power of attorney is a legal instrument that grants the principal (the person making the decisions) to another person (the agent) so that they can act on their behalf in many situations. Unless otherwise specified in the contract, the agent may manage the principal's banking, legal, and business affairs. When the principal is ill, disabled, absent, or unable to act on their own behalf, they may utilize this document. Nevertheless, in the event that the principal passes away or loses mental ability, the agreement is void. A durable power of attorney is required if the principle wishes the agent to continue representing them even after that.