#Real estate conveyance fo code#
There is no standard form for a deed although Property Code Section 5.022(a) offers a simple form that may be used for conveyances. It is deliberately organized in pragmatic fashion and is not intended as a comprehensive academic review of the topic. This article briefly describes different types of deeds commonly used in connection with real estate transactions in Texas. A warranty deed, note, and deed of trust are the three principal documents in most Texas residential real estate transactions. This can have significant value if the transaction involves special provisions upon which the parties are relying.Ī deed is to be distinguished from a promissory note (or real estate lien note) which is a promise to pay a sum of money, and from a deed of trust, which provides the lender with remedies (including foreclosure) if a borrower defaults on the note. Note that if a deed includes custom clauses and is executed by both parties (not just by the grantor as in the usual case), then it becomes a contract as well as a conveyance. An obvious example would be inclusion of an “as is” clause to protect the seller from post-closing lawsuits. Problem is, inclusion of additional custom clauses may be both useful and necessary in order to accomplish the terms of the deal. Title company deeds generally lack clauses that add additional protection for the grantor or grantee since it not the job of the title company or its attorney to protect the interests of either party beyond a simple conveyance with general or special warranties. This is true even though Property Code Section 5.022(b) expressly states that “the parties to a conveyance may insert any clause. It is difficult to imagine a more important document to the real estate investor, and yet its preparation is often left to a title company attorney who represents neither buyer nor seller and has no incentive to produce anything other than a basic boilerplate form.
One can own a fee simple estate in both legal and equitable property interests.” Jackson v. An instrument that does not operate as a present conveyance of title to real property is a contract to convey rather than a deed.” Smith v. “A purchaser takes title to real property solely through a deed. “An absolute or ‘fee simple’ estate is one entitling the owner to the benefits of that estate during his life and descending to his heirs, devisees, and legal representatives on his death. A deed is a written instrument that conveys legal and equitable title to real property-the legal term is a “fee simple” interest, meaning the highest level of ownership.
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