Thread: deed question

I am not sure how it works where you are but here the deed makes no reference to the type of usage. The deed just describes the property and any restrictions that run with the property.

The only time I have ever heard this come up is with lenders. Loans are written depending on how the owner plans to use the property but that usage isn't in the deed.

Originally Posted by Greg

I am not sure how it works where you are but here the deed makes no reference to the type of usage. The deed just describes the property and any restrictions that run with the property.

The only time I have ever heard this come up is with lenders. Loans are written depending on how the owner plans to use the property but that usage isn't in the deed.

Agreed. I don't think the deed has to deal with whether the residence is primary or not.

A deed is a document which provides evidence that a seller has transfered title to real property to a buyer. The form of the deed can obligate the seller to provide further documentation or defense, in the future, if problems show up.

This has nothing to do with the buyer's use of the property.

You may be thinking of a deed of trust, which is a financing document and the buyer's use CAN have effects on the financing available.

I am sorry you are correct, i looked closer and the doc that i assumed was part of the deed (stapled to the deed) is actually entitled State of Maryland Land Instrument Intake Sheet, that is where the question " Will the property being conveyed be the grantee's principal residence" is asked, what is the significance of this question on this document?

Originally Posted by gsr1

I am sorry you are correct, i looked closer and the doc that i assumed was part of the deed (stapled to the deed) is actually entitled State of Maryland Land Instrument Intake Sheet, that is where the question " Will the property being conveyed be the grantee's principal residence" is asked, what is the significance of this question on this document?

I am in Arizona and have only a little knowledge, and no experience, in Maryland. The most likely reason for the question on the form is for taxation. Usually local and state govenments have different tax ratings for owner occupied residences, rentals, and business property.

I suspect that this is what you are looking at.

By the way, when you have questions like this, from my perspective, you NEED the assistance of a professional. Someone who is properly repreented in a real estate transaction, has ALL these concerns managed for them.

thanks, got it ,,,,,,

I think what you are asking is... What is the difference between a "homestead property" and a "not a homestead property," which might be worded as "primary" and "secondary" properties in your area.

If that is the case, and I am pretty sure it is, it comes down to the statues of limitations where in every state, parties of property have different protections available to them, but before I go on, to answer your question:

"Primary" -> "Homestead" -> A property you actually live at 51%+ per year.

"Secondary" -> "Not a Homestead" -> A property you don't live at atleast 51%+ per year. (Ex: any investment properties, a summer cottage, etc.)

Since I am not an attorney, and I really don't want to spend the time to explain the protection differences at this time, I will refrain from explaining what legal differences each provides the owners... You can look up your state's stautes on "homestead" vs. "not homestead" or talk with an attorney (if you are really looking for that answer.)

Hope that helps put a light on your question.

Later!

It does, thanks!