Deeds
Monica Gragg
Created on May 12, 2023
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Transcript
What do heirs' property owners need to know about deeds?
Deeds
What Is It?
What Does It Look Like?
Why Is It Important for My Family and Me?
Why Is It Important for My Family and Me?
What Does It Look Like?
What Is It?
Deeds
General Warranty Deed
Special Warranty Deed
Quitclaim Deed
Real estate ownership can be transferred either by dying or by a deed.
What is a Deed?
A deed is a legal document that’s purpose is to transfer the ownership of property from one person to another. A deed is signed by the person selling or transferring the property rights, called the grantor. The person purchasing or taking possession of the property rights is called the grantee. For real estate, the warranty provided in a deed is what the grantor will defend against and/or repair. Deeds can be categorized by the type of warranties they provide and by the type of interests they convey.
Select the deeds above to learn more.
General warranty deeds provide guarantees that the grantor has the right to sell the property and that the grantee will be receiving a title that is free of debt, claims, or other legal encumbrances. These deeds effectively protect the grantee from present and future legal issues regarding the property.
A special warranty deed is the same as a general warranty deed, except the guarantee or warranty provided by the grantor is only applicable for the length of time they owned the property. This is the form of deed required for most commercial real estate transactions and is commonly used in transferring or sales from an estate or a bank subsequent to foreclosure.
A quitclaim deed transfers any property rights and claims from one party to another, usually without a monetary exchange. There is no guarantee or warranty from the grantor that the property title is clear nor that the grantor has any legal ownership of the property.
Why Is It Important for My Family and Me?
What Does It Look Like?
What Is It?
Deeds
More Info
Why Is It Important for My Family and Me?
What Does It Look Like?
What Is It?
Deeds
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Why Is It Important for My Family and Me?
What Does It Look Like?
What Is It?
Deeds