September 12, 2008, Newsletter Issue #132: 3 Common Types of Property Deeds
Tip of the Week
The legal form that transfers ownership of a piece of property from one person to another is called a deed. A deed includes the names of the person who is selling the real estate and the name of the person who is purchasing it. When the seller signs the deed, he or she transfers ownership. Deeds must be notarized to become binding legal forms.
Types of Deeds
1. Grant Deed - A grant deed transfers full ownership of real estate from one party to another. Signing a grant deed implies that you actually have the right to transfer ownership of the property to the other person.
2. Warranty Deed - A warranty deed includes an explicit promise to the buyer that the seller has free title to the policy.
3. Quitclaim Deed - This type of deed transfers one person’s ownership interest in a property to another person. This type of deed is often used during divorce proceedings, when one party signs his or her interests in jointly owned real estate to the other. The percentage of ownership is not specified; rather the person just signs over “all” of his or her ownership rights, whatever they may be.
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