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DEED
The
court may order an owner's property sold after a lawsuit and the
rendering of a money judgment against the owner. The successful bidder at this
type of sale receives a sheriffs deed, which contains no
warranties.
Gift
deed. A person
who wishes to give real estate to another may, convey a title by
using a gift deed. A
gift deed is valid unless it is being used to defraud creditors, in
which case the creditors may institute legal action to avoid the
deed.
Tax
deed. A tax
deed is issued by the tax collector off at the sale of land which
previously reverted to the state because of a non payment of
property taxes.
Warranty
deed. A
warranty deed is seldom used in California. Under a warranty deed, the
grantor is legally responsible t.o the grantee for the condition of
the title.
Trust
deed. A trust
deed conveys bare legal title to a third party called a
trustee. These deed
differs from others in that title is held by the trustee mentally as
security for loan until such time as the loan is paid off or until
the borrower defaults on his or her payments.
Deed
of the reconveyance.
This indeed is executed by the trustee to the borrower. When a beneficiary, the
lender, notifies the trustee the trustor has repeated a loan, the
trustee to convey the title back to trustor using a deed of
reconveyance. Trustee's deed. These deed, conveys title to a successful bidder at the trustee's sale (foreclosure). |