Glossary

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Deed
A deed for your property establishes that you are the legal owner of that property. When you sell your building, the deed to that building will then be transferred to the new owner. There are a few variations of a deed that property owners should be aware of. Administrators deeds are what an estate uses to transfer property on behalf of the owner. This could be necessary if the previous owner has passed away or cannot be located. Having a deed of trust means that you give your lender the right to foreclose on your property. This is different from a foreclosure because you are voluntarily giving up your home. It helps keep your credit score relatively intact as well. Make sure you have a copy of any deed you acquire at all times. It will help you if there is ever a dispute over the ownership of a property.