What are the different types of deeds (e.g. warranty, quitclaim)?
There are several types of deeds that can be used to transfer ownership of real estate, including:
Warranty deed: A warranty deed is a type of deed that provides the greatest level of protection to the buyer. It includes a guarantee from the seller that the property is being transferred free and clear of any encumbrances or defects in title. If any issues do arise, the seller is responsible for resolving them.
Quitclaim deed: A quitclaim deed is a type of deed that is often used to transfer property between family members or to clear up title issues. It does not include any guarantees or warranties about the property and simply conveys whatever interest the seller has in the property, if any.
Special warranty deed: A special warranty deed is similar to a warranty deed, but the seller only guarantees that they have not done anything to harm the title during their ownership of the property. It does not provide the same level of protection as a full warranty deed.
Grant deed: A grant deed is a type of deed that is commonly used in some states and provides a limited guarantee from the seller. It typically guarantees that the property is being transferred free and clear of any encumbrances or defects that were created by the seller during their ownership of the property.
The type of deed used in a real estate transaction can have significant legal and financial implications, so it's important to understand the differences and choose the deed that best meets your needs. It's a good idea to work with an attorney or other legal professional when transferring ownership of real estate to ensure that the process is handled properly.