There are several types of deeds that can be used in real estate transactions, each with its own characteristics and purposes. Here are some of the most common types of deeds:
- Warranty Deed: A warranty deed is a type of deed that provides the buyer with the greatest level of protection. It guarantees that the seller has clear title to the property and will defend the buyer against any claims made by others.
- Quitclaim Deed: A quitclaim deed is a type of deed that transfers any interest the seller may have in the property to the buyer, but does not make any guarantees about the seller’s ownership or the property’s title.
- Grant Deed: A grant deed is a type of deed that guarantees that the seller has not already sold the property to someone else and that there are no liens or encumbrances on the property, except for those that are disclosed in the deed.
- Special Warranty Deed: A special warranty deed is similar to a warranty deed, but only guarantees that the seller has not done anything to impair the title during their ownership of the property.
- Trustee’s Deed: A trustee’s deed is used when a property is sold as part of a foreclosure or bankruptcy proceeding. The deed is issued by the trustee, who is appointed by the court to handle the sale of the property.
These are just a few of the most common types of deeds used in real estate transactions. It’s important to understand the characteristics and purposes of each type of deed to ensure that the proper deed is used in a given situation. Some obviously provide more protection than others.
Niki Maclay Homes 