There are several types of deeds with the requirements for each varying by jurisdiction. The specific state or city statute must be followed to create a valid deed. The following is a general discussion of some of the most common types of deeds:
- Quit Claim Deed: A quit claim deed transfers to the grantee any and all of the legal rights the grantor has in the parcel of real property. The quit claim deed makes no warranty about the extent of the grantor's interest in the parcel of real property.
- Grant Deed: A grant deed transfers to the grantee all or part of the legal rights the grantor has in the parcel of real property. The grantor deed implies certain warranties; that the property has not been transferred to someone else and that the property is free from any liens placed on the property by the grantor.
- General Warranty Deed: A general warranty deed transfers to the grantee all of the legal rights the grantor has in the parcel of real property and explicitly warranties that the grantor has good title to the parcel.
- Special Warranty Deed: A special warranty deed transfers to the grantee all of the legal rights the grantor has in the parcel of real property but warranties only what the deed specifically states is warranted.
- Fiduciary Deed: A fiduciary deed is a deed used to transfer property when the grantor is a fiduciary such as a trustee, guardian, conservator, or executor acting in his official capacity. A fiduciary deed usually only warranties that the fiduciary is acting in his appointed capacity and within his allotted authority.
- Trust Deed: A trust deed is a written instrument which transfers property to a trustee to secure an obligation such as a promissory note or a mortgage. The trustee has the power to sell the real property in the case of a default on the obligation.
Do I Need a Real Estate Lawyer for My Deed Issue?
Deeds are very important documents which affect ownership interests and rights in parcels of real property. A real estate attorney can help you properly prepare a deed and can determine the extent of property rights applicable to a particular parcel of property.