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Canadian Financial, Real Estate and Mortgage Glossary
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|Synonyms:||contract, legal document, note, title|
|Notes:||Used to transfer ownership of assets, often land or automobiles.|
|Tags:||contract, document, legal, realty|
Definition of deed (D)
- deed (D)
- 1. A document that provides title to property and is filed with a country recorder.
In the 1950s, a promotional campaign by Quaker Harvest Oats included a “deed” for one square inch of land located between Dawson and Whitehorse in the Yukon Territories. The deeds were included in boxes of Puffed Rice and Puffed Wheat cereal. It was considered one of the most successful marketing campaigns in North American history. Today the Yukon's Department of Energy, Mines and resources still receives inquiries from deed holders. Unfortunately the Canadian Government repossessed the land in 1965 due to a non-payment of $27.20 in land taxes.
Related Terms and Acronyms:
- back title letter A document that a title insurance company gives to an attorney specifying condition of the title.
- chain of title Legal records that trace ownership of a property from the most recent owner to the original owner.
- closing In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
- cloud on title A claim on title to property that could impair the ability to transfer ownership.
- contract for deed (CFD) An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- covenant A promise made in a contract or property deed.
- land contract (LC) An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
- reconveyance The transfer of title to the borrower after a mortgage has been paid fully.
- title Evidence of a person's right to possession ownership of a property.
- title search A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.