A legal document that transfers ownership/title of a property
Whoever holds the deed on a home is the legal owner (or holds title). Before the closing date, however, the lender requires a title search to prove that the seller really owns the property you are about to buy. You receive the original deed in the mail after it is recorded at the county courthouse. You need to make sure this happens since it is proof that you own the home. A grant deed is the most common type of deed used to transfer title.
Deed of Trust states: Alaska, Arizona, California, Missouri, Nevada, North Carolina, Virginia, and Washington DC.
Mortgage States: Alabama, Arkansas, Connecticut, Delaware, Florida, Hawaii, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Wisconsin
States that use both deeds of trust and mortgages:** Colorado, Idaho, Illinois, Iowa, Maryland, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, Wyoming, Washington, West Virginia * Georgia uses a security deed** Custom dictates which document is used.
See: Deed of Trust
