Identification

• There are several parts that must appear in all deeds, although the format is dependent upon the preparer of the document. All deeds must state the name of the person signing, the consideration, if any, the name and address of the grantee, provide a property description including any parcel identification numbers, and include a signature of the grantor, which must be witnessed and notarized. It must then be filed or recorded with the Register's Office for the county in which the property is located.
  
  

Types

• There are several types of deeds that convey ownership in property, but the two most common are a Warranty Deed and a Quit Claim Deed. A warranty deed is a type of deed that states that the person signing the deed has full ownership of the property and is conveying it free of liens. A Quit Claim Deed states the person signing the deed may have an interest, not full ownership, in the property being conveyed. It does not guarantee that the property is clear of liens.
  
  

History

• In the 1600s, there were several types of conveyances performed for property ownership. Some were oral agreements, while others were written and made public. In more recent years, it was a requirement that a wife of a seller would release her "dower rights" to the property. Dower rights were the old English rights giving a wife 1/3 of her deceased husband's estate.
  
  

Features

• All deeds are signed by the owner of record of the property. This person is called the grantor. The person receiving the property is called the grantee. Some deeds are conveyed for consideration, also known as a purchase price. However, deeds between family members or deeds by order of the court may not have a monetary consideration.
  
  

Benefits

• Property ownership is beneficial in many ways. Depending on the use of the property and how the property was purchased, there may be tax write-offs, interest deductions and the feeling of security provided by owning your own home.