A deed is a written document that transfers ownership of a property from one party (grantor) to another (grantee). It defines who owns the property and describes the property that is owned. The person whose name is on the deed holds title to the property. Title is a legal concept, not a legal document. It describes the rights a title holder has to a property, including the right to use, occupy, sell, or transfer the property.

A title holder owns the property, and a deed is used to document the transfer of property ownership from one party to the next. Depending on the jurisdiction you live in, your deed comes with a range of rights and responsibilities, along with some limitations.

Deed holder Rights and Responsibilities

Having your name on a deed comes with the following expected rights and responsibilities:

• Right of possession: The deed holder has the right to exclusively occupy and use the property.
• Right of control: The deed holder has the right to make decisions concerning how the property is used and managed.
• Right of enjoyment: The deed holder has the right to enjoy any and all benefits the property offers.
• Right of exclusion: The deed holder has the right to exclude people from accessing the property.
• Right of disposition: The deed holder has the right to see, transfer, or mortgage the property.

Each jurisdiction may have different laws regarding property rights and limitations. These limitations may be influenced by the following:

• Government regulations
• Type of deed
• Number of names on a deed
• Encumbrances

Typically, the deed holder also owns title to the property. However, if you own a property, this is an important point to verify. If you do not own title to a property, consult with an estate planning attorney at Katzner Law Group to understand your property ownership options.

Types of Deeds

When evaluating deeds and your rights as a property owner, it is essential to understand the types of deeds, as each offers different levels of protection.

• Warranty deeds: A warranty deed is the most comprehensive in terms of protection. If you have a warranty deed to a property, you have a clear title and are protected against legal claims on the property.
• Grant deeds: A grant deed ensures that the grantor holds claim to the property and they are not aware of any claims on it.
• Quitclaim deeds: A quitclaim deed is commonly used to transfer property ownership among family members as it is the simplest, but it does not guarantee the title status. A quitclaim deed conveys an owner’s interest in a property, but it does not provide the warranties offered by a warranty deed.

Types of Property Ownership

Ownership type also influences the rights and responsibilities a deed holder can expect. Typical types of ownership include:

• Sole ownership: A single owner has exclusive rights to a specific property.
• Joint tenancy: Two people own equal shares in a property with rights of survivorship. When the owner dies, the property is transferred to the surviving owner.
• Tenancy in common: Two or more people own equal or unequal shares in a property. Each person’s interest in the property is undivided, but they can be unequal. Unlike with joint tenancy, there is no right of survivorship, so when a property owner dies, their interest in the property is passed on to their heirs.
• Tenancy in the entirety (in some states): This option is typically only available for married partners. Both partners share ownership of the property, and one partner cannot make a unilateral decision regarding the use or sale of the property without the consent of the other. If a couple divorces, tenancy in the entirety commonly converts to tenancy in common.
• Community property (in some states): Community property is a form of marital property ownership required by law. Each spouse owns an undivided one-half interest in all property.

Property ownership can be complex. Property owners need to understand how much interest they own in their property and how the interest is owned. They should verify the type of deed they hold and whether there is a clear title on the property.

When creating your estate plan, it should address all assets and property you own. Your Katzner Law Group estate planning attorney can help you consider all your options and develop an estate plan that meets your needs. We have extensive experience in estate planning that meets a wide range of requirements.

You can schedule a call with us or reach out to us directly at 855.631.3457 to learn more about how best to plan today to protect those most important to you.