While you have a mortgage, the lender has rights to the property title until the loan is paid. If you buy a home without a mortgage, the real estate attorney or title company records the deed and issues a copy to you.
In real estate, a document called a deed records a property's title and the transfer of that title between two parties or individuals. Your county or municipal clerk's office typically keeps a copy of deeds for all properties in its jurisdiction.
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
When you pay off your mortgage you might be required to pay the mortgagee (the lender) a final fee to cover administration and the return of your deeds). At this time your deeds will be sent to you for safekeeping. You can either keep them safe or ask your bank or solicitors to hold them for you.
If Title Deeds are mislaid or destroyed and the property or land is registered, a simple check with Land Registry will provide details of ownership. Often Land Registry will hold electronic versions of documents associated with the property which can be downloaded from their website for a small fee.
For 99% of our population, finding the Deeds to your house is as simple as obtaining copies of the Title Register and Title Plan, which can be obtained by you within an hour of placing an order over the internet. This is assuming that by Deeds you mean the ownership documents.
The easiest way to prove your ownership of a house is with a title deed or grant deed that has your name on it. Deeds typically are filed in the recorder's office of the county where the property is located.
Generally, the lender sends the documents to be recorded after the closing. The recording fees are included in your closing costs. Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded.
Which is more important: title or deed? Both the title and the deed are of equal importance because they both have a purpose in the home selling process. For instance, a title search can note only confirm who owns the property, but also lists any liens, loans, or property taxes due.
A deed is the actual legal document that would transfer the ownership (title) of a property from one person to another. A deed is signed by the person selling or transferring the property rights, called the grantor. The person purchasing or taking possession of the property rights is called the grantee.
Essentially, deeds are the trail of documents that prove a property's ownership. This can include contracts for sale, mortgages, the lease, conveyancing documents and wills.
Modern Title Deeds, in actuality, are the Land Registry ownership documents, i.e. the Title Register and the Title Plan, although many people still refer to them as Land Registry Title Deeds.
Lets get right to the point – there is no way of viewing house deeds for free, online or otherwise. So if you need to a copy of a property's deeds, there will always be a fee to pay.
It can take, on average, 4– 6 weeks to fulfil a final receipt request.
The Land Registry advise that processing times for updating the register (adding a mortgage or changing ownership) take about 4 to 6 weeks, and creating a new register (transfer of part or new lease) take about 6 to 9 months.
In short, yes you can sell your house without the deeds, however you must be able to prove through other means that you are the owner of the property. As the deeds are the assortment of documents which usually prove ownership, proving it without them can be a more protracted process, but it is by no means impossible.
To officially prove ownership of a property, you will require Official Copies of the register and title plan; these are what people commonly refer to as title deeds because they are the irrefutable proof of ownership of a property. Note, this only applies to registered property.
Do I need a solicitor to transfer ownership of a property? It's possible to change the names on title deed yourself without help from anyone else. You simply need to complete the right forms and pay any fee.
To prove you are the legal owner of the property, you'll need to have the title deed transferred to your name. Seeff demystifies title deeds, a crucial part of the real estate buyer-seller process: What is a title deed?
You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.
Under a ground lease, tenants own their building, but not the land it's built on. Since this is a lesser-known type of leasing structure, here's a primer on ground leases for real estate investors.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.