What is Deed? What are the types? – Meaning of deed colors
“deed”, a term used in the process of buying or selling real estate, is the official title document. The title deed is an official document issued by the Land Registry, which shows who owns a particular part of the land or an independent part built on it, valid until proven otherwise. The title deed is an important document for both the seller and the buyer and certain documents must be presented during the transactions.
Our content, which we have prepared based on all of these, includes the types of title deeds, the meaning of title colors, the necessary documents for the title deeds and the steps to take. If you are considering buying or selling title deeds, please read our content carefully.
What is Deed?
A deed is an official document proving ownership of a property. It proves the right of the person entitled to a land to that land. The title deed document contains information such as the owner’s identity, property features, and location. This document is used in real estate transactions such as transfers or mortgages and is issued by the land registers.
What are the types of deeds?
There are different types of title documents and each is used for different purposes. Here are some types of deeds:
1. Title deed floor
This type of title deed is used in properties that have completed construction and are divided into independent sections. Each independent section is registered as a separate property unit and the names of the owners are included in the title deed.
2. Servitude Deed
This type of title deed, used for buildings that are not yet completed or under construction, refers to real estate with construction service. The building is registered with the Land Registry and has registered the land share data in the name of the entitled parties.
3. Shared deed
It is a type of deed that shows ownership of a property that is shared by more than one person. The share deed lists the names of the shareholders, but does not state which share belongs to whom. In this case, it is shared by an agreement between the shareholders.
Meaning of deed colors
Deed documents have different meanings according to their colors. The colors indicate the deed type and ownership status. Here are the meanings of the deed colors:
Pink colored deeds
Pink title deeds usually represent independent parts of buildings. These title deeds show that there are approved independent sections in the project of the property. The pink deed also indicates the areas of use and shares of the self-contained portions. Title deeds in this color represent ownership of real estate, such as apartments, businesses, or self-contained housing units.
Blue colored deeds
Deeds in blue usually represent plots. The title deed document that states the owner of a real estate plot is blue. The blue-framed title deeds indicate ownership of the land and mean that there is no condominium on the land. That is, no buildings or structures have yet been built on the plot.
Documents required for deed
Different documents are required for sellers and buyers in deed transactions. These are the documents required by both parties:
Documents required for seller
Original or photocopy deed: The seller must provide the original or a photocopy of the title deed. It is important that the deed is current and valid.
Photocopy of identity card or passport: A photocopy of the ID is required to verify the seller’s identity.
1 photo: Title deed transactions usually require a photo.
Documents required for the buyer
Photocopy of identity card or passport: A photocopy of the ID is required to prove the recipient’s identity.
Mandatory Earthquake Insurance: For title deed transactions, the buyer must provide compulsory earthquake insurance.
2 photos: For title deed transactions, two photos of the buyer may be requested.
How are registers made?
Certain steps must be followed to complete the deed transactions. Here is the general deed transaction process:
1. Apply for title deeds
Your application will be accepted along with the necessary documents for title deed transactions and you will receive an application application document. You can track your transactions with the application number in this document.
2. Pay the title deed fees
You must go to the bank branch designated to you and pay the title deed fees. You must have the receipts for this payment and your original IDs on hand during the deed transactions.
3. Sign
You will be called for signature after you have presented the deed fee receipts to the relevant officer. During the signing process, the Land Registry informs you about the transactions and your rights.
4. Sign the title deeds
After the necessary checks by the land registry, the land registers are signed. If payment has been made to the seller, this will also be checked. When the transactions are completed, the title deed document is prepared and signed by the title deed administrator.
5. Get your deed
The title deed is transferred to the new owner after signing. At this stage, the title deed document is prepared by the title deed directorate and delivered to you. You are now officially the owner of the home.
What is a deed?
A deed is an official document that shows who owns a certain piece of land or an independent part that has been built on it.
What documents are required for deed transactions?
Documents such as original or photocopy of title deed, photocopy of identity card or passport, photo are generally required for title deed transactions.
What steps should be followed for the deed transfer process?
To transfer the title deed, a purchase agreement must first be concluded between the seller and the buyer, then the management of the title deed must be provided and the necessary documents must be presented. Finally, the title deed fee must be paid and the signing process completed.
How to undo the deed registration?
A court order is usually required for the cancellation of the title deed registration. The title deed registration can be canceled by the parties involved and the decision of the court.
What costs are incurred for the deed transactions?
Costs such as title deed fees, revolving fund fee, stamp tax may arise during the title deed transactions. In addition, if necessary, attorney’s fees may be included.
What to do if the proof of ownership is lost?
In the event that the title deed is lost, a lost document detection report must be kept by submitting an application to the Land Registry.
How do I find out that there is a mortgage on the deed?
You can turn to the Land Registry and Land Registry to get to know the mortgage information on the Land Registry. The Land Registry keeps track of the mortgages on the title deed and can inform you about this.