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Deed Types, House Prices and Mortgage Interest Rates

David Brasington () and Robert F. Sarama

Real Estate Economics, 2008, vol. 36, issue 3, 587-610

Abstract: When houses are sold they come with a deed attached that spells out the legal guarantees on good title. Some deeds give clues about the characteristics of the seller or the house. Using a 37,043‐observation house price hedonic with a Bayesian spatial error model, we find the type of deed attached to a housing sale can have a dramatic correlation with the sale price. Ten deed types command a discount, and one commands a premium relative to warranty deeds. Mortgage rates for sheriff's deeds and foreclosure deeds are lower than for warranty deeds, indicating more sophisticated buyers.

Date: 2008
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Handle: RePEc:bla:reesec:v:36:y:2008:i:3:p:587-610