Property Deed Types for Fennville, Michigan Real Estate Transactions
At Sonic Title, we've guided thousands of homebuyers in Fennville through a smooth closing experience. Our dedicated team ensures every detail is handled.
What is a Property Deed?
A property deed is a legal document that transfers ownership of real estate from one party to another. It is a crucial element in real estate transactions, providing evidence of the transfer and specifying the rights and obligations attached to the property.
Warranty Deed (Most Common)
In Michigan, the warranty deed is the most common type of deed used for home purchases. This deed offers the strongest protection for buyers, as it guarantees that the seller holds clear title to the property and has the right to sell it. The warranty deed also assures that the property is free from any encumbrances, except those noted in the deed itself.
The warranty deed is the most common deed in Michigan, providing the strongest buyer protection.
Quitclaim Deed (When Used)
A quitclaim deed is used when the transfer of property does not involve a traditional sale. This type of deed transfers whatever interest the grantor has in the property without any guarantees. Quitclaim deeds are often used among family members or to clear up title issues.
Special Warranty Deed
The special warranty deed offers a middle ground between the warranty deed and quitclaim deed. It guarantees only that the grantor has not done anything to impair the title during their ownership. This deed is often used in commercial transactions.
Land Contract Deeds
Land contract deeds are agreements where the buyer makes payments directly to the seller over time, and the seller retains the title until the contract is fulfilled. This arrangement can be beneficial for buyers who may not qualify for traditional financing.
Deed vs Title: Understanding the Difference
While a deed is the document that transfers ownership, the title refers to the legal rights to use and modify the property. Understanding this distinction is crucial in real estate transactions.
How Deeds Are Recorded in Michigan
In Michigan, deeds must be recorded with the Register of Deeds in the county where the property is located. This process ensures public notice of the change in ownership and protects the new owner’s rights.
Deeds in Michigan are recorded with the county's Register of Deeds to ensure public notice.
Joint Tenancy vs Tenants in Common
In joint tenancy, co-owners have equal shares and rights to the property, and upon death, ownership passes to the surviving co-owner. In contrast, tenants in common allow each owner to hold a distinct share that can be transferred independently.
Changing Names on a Deed
To change names on a deed, such as adding a spouse or correcting an error, a new deed must be prepared and recorded. It’s advisable to consult with a real estate attorney to ensure the change is legally valid.
Protecting Your Property Rights
Ensuring your property rights are protected involves understanding the type of deed you hold and any restrictions or easements that may affect your property. Consulting with a professional, like Sonic Title, can help navigate these complexities.
Whether you’re buying a new home or resolving title issues, Sonic Title is here to assist with expert guidance tailored to the Fennville area. Call us at (313) 251-5145 for a consultation.
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