What are the types of Deeds?
LEASEHOLD DEED- to convey property that is subject to ground rent. FEE SIMPLE DEED- to convey property that has no ground rent. GROUND RENT REDEMPTION DEED – used by the leasehold owner of the property to redeem the ground rent from the ground rent holder so that the leasehold owner no longer has to pay ground rent; the property then becomes owned in fee simple. The redemption price is based on statutory law (how much the ground rent is, how long ago it was created). GROUND RENT DEED – used to convey the ground rent interest in the property so that instead of “Mr. Smith” being paid ground rent every 6 months by the leasehold owner, ground rent instead is paid to “Ms. Jones.” NO CONSIDERATION DEED – used to convey property where no consideration is involved. If the transfer of property is between close family members (mother, father, brother, sister, child) there is no transfer tax. If the transfer is between other people the transfer taxes are based on the amount of any outstanding mor
