U.S. Title Records Discusses Property Deeds

There are six common types of property deeds. The first, referred to as a general warranty deed, is the most common. Sometimes confused with vesting deeds, general warranty deeds represent the fact that the seller holds all the rights to sell the property, including title and ownership of that property. The next most common property deed is the special warranty deed, which is more often found in commercial real estate transactions. The grantor of the special warranty deed has the legal title for the property in question, helping to protect the buyer from claims against the title. A quitclaim deed is commonly used when ownership of a property is transferred between family members, such as inheritances or gifts. This type of deed can be used to add family members to the property title or to exclude potential new owners of the property from making title claims against it. Bargain and sale deeds can be used when there are legal questions about the ownership of a property, such as in a foreclosure or tax sale. The quitclaim deed is commonly used in the transfer and conveyance of real property when the seller wants to absolve themselves of any future liabilities or potential claims against the subject property. This is a legal and binding instrument which is commonly used to transfer interest in land and real property. The individual or entity transferring interest is called the grantor, and when the quitclaim deed is properly perfected and executed, it will convey any said interest to the grantor also known as the grantee. While this type of property deed does not provide legal protection for the buyer of a property, it can convey some legal rights to the seller of the property.

The final type of property deed is the grant deed. There are many variations of this type of deed, depending on who is transferring ownership or title of the property and the property’s location. Buyers do not receive much legal protection from this instrument, but it implies that the property is not attached to liens or other debts and can be sold. “Property deeds vary from state to state,” says the spokesperson for U.S. Title Records. “It is important that prospective property buyers consult with a real estate attorney if there are any questions about ownership and titles of a property.” For more information on the wide range of property records research services the company provides, visit www.ustitlerecords.com.

Source: http://newswire.net/newsroom/pr/00094173-u-s-title-records-discusses-property-deeds.html