A deed is a common type of legal document that is used to transfer the ownership of property (or other assets) from one party to another. There are five primary types of deeds that are typically utilized, and learning about each is an important part of buying or selling many assets—particularly real estate. Read through the following brief introductions to these deed types, and if you have any questions, please contact Danilson Law, PLC to talk with an attorney.
Warranty
The general warranty deed contains the most comprehensive warranty and is frequently referred to as a just a “warranty deed.” In the general warranty deed, the grantor (seller) covenants that the grantor “hold[s] the real estate by title in fee simple; that they have good and lawful authority to sell and convey the real estate; that the real estate is free and clear of all liens and encumbrances except as may be [stated in the deed]; and the [grantor] covenant[s] to warrant and defend the real estate against lawful claims of all persons except as [stated in the deed].
Special Warranty
A special warranty deed serves largely the same purpose as the normal warranty deed, except it doesn’t cover the property’s full history. Instead, this type of deed only guarantees that there are no claims against the property that were created while the seller was the owner. These are more common with commercial real estate transactions, though they can also be used in residential sales.
Quit Claim
A quit claim deed is usually only used when the buyer and the seller know each other quite well, such as in the cases of family members transferring ownership of assets between each other, divorcing spouses, and other scenarios. With this type of deed, the grantee (typically the seller in this type of transaction) does not make any guarantees about property rights and claims to the one receiving the assets.
Deed in Fee Simple Without Warranty
Just as it sounds, the deed in fee simple without warranty conveys the property, but makes no warranty as to title, defense against third parties or authority to convey.
Court officer deed
The court officer deed is used only by court appointed or supervised fiduciaries, such as executors, administrators, conservators, and trustees, and may have fewer warranties than the general or special warranty deed.
Choosing the right deed is a critical step when buying or selling any assets, especially real estate. If you would like to know more about these deeds, or you need help having the deeds written up, please don’t hesitate to contact Danilson Law today.
