A deeded property is any type of property that is owned outright in which the deed is recorded in the property's county. This means that the owner may handle the property as he/she so chooses. While deeded properties are owned outright, there will still be property taxes that must be paid. In many cases, individuals with a deeded property will carry insurance to protect their investment.
The significance of a deeded property is that the property has been paid for. Once any property is financed, the financing institution holds on to the deed until it has been paid in full. When the financing has been paid in full, the owner will be awarded the deed to the property, and it will be recorded in the county of residence.
Those with deeded property may choose to sell it at any time and for any price. Whether an offer is accepted or not is completely up to the owner. Owners of deeded property may set the sale price at any amount of their choosing.
Another option for owners of deeded property is to rent the property in part or whole. This is an option should the owner not be using the property, or if they choose to make some money on part or all of the property after it has been paid off.
Owners of deeded property have the sole discretion of bequeathing the property to an heir. There is no rule that the property must be bequeathed, and, if so, to who. However, many parents bequeath their deeded properties to their children.
It is not exceptionally common for owners of deeded properties to choose to give the property away. However, this does occur on occasion and is at the sole discretion of the owner of the deeded property.
Laura Rupert Garcia has been a freelance writer since 2002. She holds a B.A. in English from the University of North Carolina at Chapel Hill, as well as an M.B.A. from Campbell University.