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Deeds - Real Estate Title Transfers

 

More Information

1. Definition of a Deed
2. Common Transfer Types
3. Choosing a Vesting
4. Common Deed Types
5. What is Probate?
Common Deed Types
There are different types of deeds available depending on the state your property is located. Each of the deeds listed below can be used to transfer or change title but contains important differences. Regardless of the form type, every deed should serve its main function, which is transferring title. Below is a brief overview of the most common deed types.
  • Grant Deed – (Commonly used in California)
    In a Grant Deed the transferor usually provides two warranties: (1) The transferor warrants that he/she has not previously transferred the property to someone else, and (2) at the time of transfer, the property being transferred is free from encumbrances done, made, or suffered by the transferor. (Warranties are created by local statutes and may vary from state to state - please check your local laws)
  • Grant Bargain Sale Deed – (Commonly used in Nevada)
    In a Grant Bargain Sale Deed the transferor usually provides two warranties: (1) The transferor warrants that he/she has not previously transferred the property to someone else, and (2) at the time of transfer, the property being transferred is free from encumbrances done, made, or suffered by the transferor. (Warranties are created by local statutes and may vary from state to state - please check your local laws)
  • Quitclaim Deed – Common in most states
    In a Quitclaim Deed the transferor provides no warranties at all. The transferor in a Quitclaim Deed transfers all actual and potential ownership to the transferee.

    This form is typically used to establish sole and separate property of a spouse or to transfer property pursuant to a divorce. For example, a lender will normally ask a spouse to sign a Quitclaim Deed to transfer marital property ownership to the other spouse. This transfer includes actual ownership and/or potential marital property ownership.

    A Quitclaim Deed is also used when there is a “cloud” on the property title. For example, if a title search reveals that the owner's spouse or heirs may have potential ownership in the property, a Quitclaim Deed can be filed in order to transfer any potential ownership that they may have. The property title may not explicitly show their names as an owner, but under state law they could have some ownership. To be safe, a Quitclaim Deed could be used to transfer any potential ownership to ensure that there is no “cloud” against the title.

    The Quitclaim Deed can be used for all types of transfers but is frequently used for interspousal transfers and to remove “clouds” from the property title. (Warranties are created by local statutes and may vary from state to state - please check your local laws)
  • General Warranty Deed – Common in some states
    In a General Warranty Deed the transferor typically warrants that he/she actually owns the property, there are no encumbrances against the property, the purchaser will have quiet enjoyment and use of the property, and the transferor will defend the title from any person who makes a lawful claim. (Warranties are created by local statutes and may vary from state to state - please check your local laws)
  • Special Warranty Deed – Common in some states (Commonly used in Arizona)
    In a Special Warranty Deed the transferor usually provides the same warranties as a General Warranty deed, but instead of defending the title from any person who makes a claim, the transferor will only defend lawful claims arising from events that occured during the timeframe that the transferor owned the property. Therefore, this will reduce the transferor's liabilities from potential claims. (Warranties are created by local statutes and may vary from state to state - please check your local laws)
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