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Today is : Wednesday, 10 March 2010
| Types of Deeds |
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Are there different types of deeds? Do they need to be recorded? A deed is a written instrument that transfers the title of property from one person to another. There are many different types of deeds. Generally, in Minnesota, title is transferred by a general warranty deed. A general warranty deed provides the greatest protection to the purchaser because the seller pledges or warrants that he or she legally owns the property and that there are no outstanding liens, mortgages, or other encumbrances against it. A warranty deed is also a guaranty of title, which means that the seller may be held liable for damages if the buyer discovers that the title is defective. A warranty deed is no substitute for title insurance, however, as a warranty from a seller who later dies or goes bankrupt may have little value.
Another type of deed used is a quitclaim deed. A quitclaim deed relinquishes whatever interest, if any, the seller may have in the property to the buyer. A quitclaim deed gives the buyer the least protection of any deed. If the seller is the sole owner of the property, the quitclaim deed is enough to transfer title, but the buyer takes a risk by accepting a quitclaim deed because it offers the buyer no guarantee that the title is valid. Quitclaim deeds are used frequently during the property settlement phase of a marriage dissolution.
In Minnesota, real estate records are kept in each county. Owners and parties with real estate interests are required to file, in the county, all documents affecting their interest in property in order to give public notice of the interest. Titles in Minnesota may be registered under the abstract system or the Torrens system. Abstract records go back hundreds of years and an abstract of title is a record of all the entries for that property. Torrens or registered property is much simpler, more modern, and more efficient. Instead of a thick abstract of title, Torrens property has a certificate of title. Canoe Country Title provides closing services and title insurance throughout Minnesota, however, our primary service area includes northern Minnesota and the communities of Virginia, Hibbing, Ely, Grand Rapids, Bemidji, Cloquet, International Falls, and Duluth.
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Our Customers always come first. We schedule closings at a time and location that is convenient for you. You can close at your new home or in one of our convenient offices.
Two North Woods Offices to serve you.
1 E. Chapman Street
Ely, MN 55731
(218) 365-3221
301 N. Broadway Street
Gilbert, MN 55741
(218) 741-2077