That a deed should describe the incumbrances, if any there be. If any such exist, and the deed is silent regarding them, the grantor is selling that which does not belong to him, a species of business activity which the law does not encourage;
That, if the grantor be a married man, his wife should sign the deed, relinquishing her interest in the property, commonly called dower;
That either a warranty or quit-claim deed transfers the owner’s entire interest in the real estate; but while by the former the grantor warrants the title and engages to defend the same “against the lawful claims and demands of all persons,” by the latter he avoids all such personal liability. Therefore if property be free from incumbrances a quit-claim is as good as a warranty deed; notwithstanding this, a purchaser had better insist on having the latter in every case;
That deeds should be recorded in the Registry of the county in which the real estate is located.
MORTGAGES—Real Estate.
A mortgage is a transfer made with intent of giving mortgagee security for money loaned or a debt in some way incurred. The mortgage is a deed conveying to the mortgagee the owner’s title to the estate granted in just the same way and with same formalities as a regular deed of transfer, subject to one condition, which is, that the mortgage deed shall be void if the amount therein specified is paid at the stated time.
After the delivery of the mortgage deed the relative standing of the parties is this:
The mortgagee:
Unless the right is specially waived in the deed, he may enter and take possession. He is therefore the owner subject to a condition, and has in him the right of possession;
He may sell and assign to a third party his interest in the mortgaged property, investing such person with all his rights therein;