A deed (also known as a real estate deed, a property deed, or a title deed) is a legal document that transfers ownership of a specific property from one person or party to another. However, the information that you can find on that deed can vary depending on the state in which the property resides as well as the type of deed that it is. There are many different types of deeds, but the most common types include the following:
There are two types of warranty deeds: a general warranty and a special warranty.
A general warranty deed is used exclusively for residential real estate transactions. It confirms that the seller is able to sell the property and that there are no debts, liens, or other encumbrances still left on the property.
A special warranty, meanwhile, can be used for residential or commercial real estate transactions. It ensures that the seller is the legal owner of the property title, and it also guarantees that the property was not encumbered during the seller’s ownership.
A grant deed is the most common type of real estate deed. It is used to exchange the ownership interest of a property from the seller to the buyer at a price that both parties agreed to previously. This type of deed officially guarantees that the seller now owns the property out-right.
Finally, a quitclaim deed is used to transfer property when both parties are (or were, in the case of divorced spouses) family members. With a quitclaim deed, little to almost no money is involved, and there are no legal protections against any debts or liens that may be on the property.
At Reliant Court Services, our deed recording services can be a simple and painless way to record deeds, mortgages, and other types of legal documents for real estate transactions. To learn more, contact us today either online or by phone at 631-567-3120.