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Chart deed

(upbeat music) - Hey everybody, my name is Paul Vojchehoske, and welcome to The Real Estate Classroom YouTube channel. Just a place where if you're studying for your real estate licensing exam, you can get videos of information to help you pass that exam. Before we get started, do me a favor and give this video a thumbs up, hit that subscribe button, click the notification bell. All right, in today's video we're gonna discuss deeds. Now, I'm not gonna talk about the different types of deeds in this video. If you want a video on the different types of deeds, go ahead and click right up here. The little "i" in the upper right hand corner. That'll take you to that video. Today we're gonna discuss basically the purpose, how we convey tile using a deed. Remember, conveyance of title simply means transfer of ownership. We're gonna talk about essential elements, what kind of things must a deed contain, for it to be legal and valid. And then what's the purpose of recording the deed. So let's get started. First thing we want to talk about is the deed. What's the purpose of the deed? Well the purpose of the deed is to transfer, to transfer ownership. Now we call that conveyance of title. Those two terms can be used interchangeably, and you don't know how the real estate licensing exam question is gonna be structured. So they mean the same thing. The other part is transferring title has a technical aspect to it. So we have the deed. Now the deed itself, is proof, of ownership. Now what I mean by that, is it's a proof that a conveyance of title has happened. All right? The other thing that it does, is the type of deed, and there are several different types of deeds. And again, check out that other video, to understand the different types. That represents the quality of the interest. That means the quality of the estate, because not every transfer of title or transfer of ownership interest is different. Some is fee simple absolute, where the grantor is providing absolute ownership to the new owner, the grantee. Other times, with a quit claim deed, for example, it may just be, "Hey, I think I might have some ownership, "but I don't really know to be honest with you. "And whatever I have here, you can have it." So the type of deed represents the quality of the estate, or what we call the quality of the legal interest in the property. Now there are several things that we have to know, that must be part of or included in that deed, for the deed to be valid. The first one is what we call the competency of the parties. So the buyer, the seller, or what we call the grantor and the grantee. They must be competent. They can't be mentally incompetent, those types of things. The mental capacity has to be there. Basically,...