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House Prices, Mortgage Interest Rates, and Security of Legal Claim: An Investigation of Deed Types

When houses are sold, they come with a deed attached that spells out the legal guarantees the seller makes about the house. The deed sometimes contains guarantees of good title, freedom from encumbrances, and protection from competing claims against the property; other deeds make no such guarantees. We find that the type of deed attached to a housing sale can have a dramatic correlation with the sale price, often reflecting the degree of security of property rights. Warranty deeds are the most common type, but ten deed types command a discount and one commands a premium relative to warranty deeds. The 27% discount for guardian deeds is larger than expected: a principal-agent problem may be responsible. Mortgage rates for sheriff's deeds and foreclosure deeds are lower than for warranty deeds, indicating more sophisticated buyers. The Fair Housing Act and the Equal Credit Opportunity Act forbid charging different mortgage interest rates in different neighborhoods, but we find higher mortgage interest rates in racially heterogeneous neighborhoods.