Closing, title & notaryAll terms starting with D
Deed
Also called: warranty deed, quitclaim deed
The document transferring ownership of real property, recorded in the public record at closing.
A deed conveys title from seller to buyer. Types differ in the warranties given: a warranty deed guarantees clear title, while a quitclaim transfers only whatever interest the grantor happens to have, with no promises.
The deed is not the loan. The deed conveys ownership; a mortgage or trust deed creates the lender’s security interest against it.
Related terms
- Title insuranceA policy protecting against defects in a property’s ownership history, issued after a search of the public record.
- LienA legal claim against a property securing a debt, which generally must be resolved before clear title transfers.
- RecordingFiling the deed and security instrument with the county so the transfer and any liens become public record.
- Settlement (closing)The meeting where documents are signed, funds are disbursed, and ownership transfers.
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