A deed is a legal document that transfers ownership of property or land from one person to another. It is an important document that must be carefully drafted and executed to ensure that the transfer of property is legal and binding. Deeds are often complicated and confusing to the average person due to the many types of deeds available. This is why deeds are among the most common types of legal documents that ProSe Legal Service provides. In this article, we will explore the different types of deeds your LDA may suggest.
Common Types of Deeds
The most common type of deed is the warranty deed, also known as a general warranty deed. This type of deed provides the buyer with the highest level of protection against any claims or issues that may arise with the property. The seller guarantees that they are the rightful owner of the property, that there are no liens or mortgages on the property, and that they have the legal right to sell it. If any issues do arise, the seller is responsible for correcting them.
Another type of deed is the special warranty deed, which provides a more limited form of protection for the buyer. With a special warranty deed, the seller only guarantees that they have not caused any issues or problems with the property during their ownership. They do not guarantee that there are no existing issues or problems with the property, so the buyer assumes a greater degree of risk with this type of deed.
Other Types of Deeds
A quitclaim deed provides no guarantees or warranties to the buyer. Instead, it simply transfers the seller’s interest in the property to the buyer. This type of deed is often used when the buyer and seller know each other well and are comfortable with the transaction. The buyer benefits from having immense trust in the seller.
There are also several other types of deeds, including the trustee’s deed, the executor’s deed, and the sheriff’s deed. These types of deeds are used in highly specific situation typically related to foreclosure or probate proceedings.
Understand the Types of Deeds
Signing your X on the line without understanding your deed could spell disaster later. Deeds are an essential component of real estate transactions, so it is important to understand the different types of deeds you can secure from your local LDA. The warranty deed provides the most protection for the buyer, while the quitclaim deed provides the least protection. By understanding the different types of deeds, buyers and sellers can make informed decisions about which type of deed is appropriate for their transaction.
ProSe Legal Service is Here to Help!
Going through the deed filing process can be complicated and stressful. Don’t go through it alone! At ProSe Legal Service, our LDAs are trained to assist you with Grant Deeds, Quitclaim Deeds, and more! If you are looking to transfer, buy, or sell property, let a Prose Legal Service LDA help you today!
If you have any questions about the deed process, contact us today or call (909) 224-4361 to schedule your next appointment with our team of professional LDAs!
