Types of Property Deeds
Contract for Deed
Contract for deed which also can be referred to as Land Contract of Real Estate Installment Agreement is used in all 50 states. This is a contract between the owner of a property and a person who wishes to own the property for a price the two parties agree upon. Under this contract, the seller holds the legal title to the property until the purchaser has paid off his obligation in full through regular payments.
Grant Deed
Grant Deeds are used by the owner of a property to grant all interest and rights that comes with ownership of said property to another person. It implies that the title hasn’t already been transferred to another party or been otherwise encumbered, unless otherwise noted on the deed itself. A grant deed functions similarly to a Warranty deed.
Quitclaim Deed
The process for a Quitclaim Deeds varies from state to state. A Quitclaim Deed is used to transfer a property from the Grantor to the Grantee with no guarantees attached. One example where a quitclaim deed is typically used is where a spouse (Grantor) disclaims any interest in property that other spouse (Grantee) owns.
Warranty Deed (General)
Warranty Deeds can be used in any of the 50 states. A General Warranty Deed is used to convey an interest in real estate and guarantees that the deed conveyed is 100% legitimate and its transfer is right. This deed is one of the most commonly used deeds and preferred by most title companies.
Warranty Deed (Special)
A Special Warranty Deed is essentially the same as a general warranty deed with the exception that the seller does not warrant against any title defects coming up from conditions that already existed before the Grantor owned the property.
Add Comment