When a piece of property is transferred in Michigan, a deed is issued giving the person title over the property. Most people do not know realize there are different types of deeds used for a transaction depending on the circumstances surrounding the transfer of property.
The three main deeds used in the state are warranty deeds, quitclaim deeds, and covenant deeds. Each one is used for its own purposes and, as your real estate attorneys, we can walk you through the type of deed needed for your real estate transaction.
Contact us online or by phone at (888) 211-5798 for a free consultation with a real estate deed lawyer in Grand Rapids, Okemos, Northville or the surrounding areas.
One of the most common types of deeds are quitclaim deeds. These are used to quickly transfer property and are done using forms filed with the county. The document gives the person signing for the property the same interests in the real estate currently held by the existing owner.
A quitclaim deed reduces the amount of paperwork needed to transfer property and is typically done between people who already know each other. These types of deeds may be used to transfer property from a parent to a child, to one spouse during a divorce, to a revocable living trust, and to enter into co-ownership with someone.
If you are considering signing property over through a quitclaim deed, our experienced legal counsel can help you determine if this arrangement is the right option for you.
The next type of deed issued in Michigan is a warranty deed. These documents are created when a land contract is created for the sale of a piece of property. The deeds are based on a promise that the person purchasing the property has possession of the property, title to the land, and the ability to use the property without outside influence.
The document summarizes the passage of the property from the seller to the buyer after the last payment is made, satisfying the full purchase price outlined for home.
In contrast to warranty deeds, covenant deeds are used when a business or government agency is concerned about issuing a warranty deed over a piece of property.
Covenant deeds are sometimes called a Deed C. One circumstance where these deeds may be issued for a transaction is when the property being sold is in foreclosure and the bank has possession of the property. If accepting one of these deeds during a real estate transaction, you should ensure the purchase agreement includes the delivery of a marketable title for the land.
A marketable title means no one else will be able to stake claim interest over the property once you have ownership. While working as your real estate attorney, we can ensure the terms of the purchase agreement are favorable for you.
Recording Deeds with Municipalities
Under Michigan law, deeds must be filed with the register of deeds in the county where the property is located. When the deeds are filed, they must be signed by one or more witnesses. Once deeds are recorded, they are public record. In Ingham County, the documents are available through the Register of Deeds office and through online searches. Let our skilled real estate attorneys handle all the required paperwork to legally file your deeds.
Handling Deeds in Michigan
Our experienced Michigan deed attorneys at Grewal Law PLLC can handle all real estate deeds and related issues. From learning about the different types of deeds to filing the documentation with your local municipality, we can walk you through everything related to a real estate deed.
Mick Grewal, a licensed real estate broker, is a member of our team who can help you understand the different types of deeds and what type will be used for your transaction.
Contact us for a free consultation and no-obligation quote. Call (888) 211-5798 or submit an online request form today.