Last week, you learned that a deed is a document that transfers ownership of a property. Both the seller and the buyer will need to sign the deed, and it will be notarized and filed with the county where the property is located.
General Warranty Deed: This deed provides the most protection for the buyer. The seller warrants that they have complete legal ownership of the property and the right to sell it. The deed also warrants that the property is free of debt and other liens.
Special Warranty Deed: This type of warranty deed also warrants that the seller owns the property and has the right to sell it, but it limits buyer protections to only the time that the seller owned the property, not the property’s full history.
Quitclaim Deed: A quitclaim deed is used when property is transferred from one party to another, usually between family members, divorcing couples, or people who know each other well.
Bargain and Sale: A bargain and sale deed offers little to no protection for the buyer, and you’ll find this type of deed is frequently used in tax sales or foreclosures.
Got questions about deeds? Contact us!