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The deed, signed by all owners of the property and their spouses, is the document which conveys title from the sellers to the buyers. A buyer must receive a satisfactory deed in order to have good title to the real estate. The requirements for a valid deed are:
It must be in writing.
It must contain the names of all current owners of the property and their spouses.
It must be signed by all current owners and their spouses.
It must contain the correct description for the property.
When a buyer receives the signed deed, or the signed real estate contract as described above, the buyer should immediately record that instrument in the office of the County Recorder where the land is located.
A Quit Claim Deed conveys whatever interest the grantor in that deed may have in the real estate. The effect of a quit claim deed is limited to transferring the interest, if any, which the grantors own in the real estate. A quit claim deed is often used to correct title of the real estate. A buyer would normally not want to accept a quit claim deed.
A Warranty Deed includes a statement that the grantors, as the sellers of the real estate, have good title to the property and guarantees that they will defend title in the buyer if adverse claims arise. A buyer will always want to receive a warranty deed from the sellers of the property.
An inspection can relieve some of the stress and risk of purchasing a house. An inspector hired by the buyers of the property will physically inspect the property prior to the purchase. Such an inspection can sometimes discover problems with the real estate which the buyer should require to be corrected before they purchase the property.
Obviously, a buyer should personally inspect the house before making any offer. As stated above, a professional inspection can be done to uncover less obvious defects. Many lenders now require that an inspection be performed and the results be made available to them.
Home inspectors look at a number of things, including:
Structural issues. These include the foundation, ceilings, walls, floors and roof.
Mechanical systems. These include the electrical system, plumbing and waste disposal, heating and air conditioning, water source and quality.
Construction issues. These include ventilation, insulation, windows and doors.
Health related issues. These may include radon, lead or asbestos.
Inspections are often not completed until after an offer has been made to purchase the property. The buyer should consider making all offers to purchase the real estate subject to the completion of an inspection. This allows the perspective buyer to cancel the purchase if an inspection reveals serious problems.
A buyer may also want to have an appraisal made of the real estate to be purchased. There are certified, independent appraisers who will provide this service. This service is paid for by the buyer. Lenders also commonly require an appraisal of the real estate. In computing the appraised value of the property, the appraiser searches county records for recent sales of similar types of real estate.