Deed as a security device plays a very important role in real estate purchase. It is an instrument that transfers ownership. Deed serves an important part in securing a note and offering protection to the lender. It is an effective tool to settle the mortgage foreclosure case. A deed, although absolute on its face, when given as security for payment of a debt, is in actuality a mortgage. Sometimes it is also known as title document.
There are several different types of Deeds. They are as following:
- Administrators deed
- Agreement deed
- Security deed
- Title deed
- Executors deed
- Fee simple deed
- Guardians deed
- Personal representative deed
- Miscellaneous deed
- Certificate of title deed
- Contract deed
- Personal representative's deed
- Bargain and sale deed
- Special warranty deed
- Patent deed
- Covenant deed
- Assignment deed
- Composition deed
- Settlement deed
- Freehold deed
- Lease holds deed
- Deed of record
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