Types of Real Estate Deeds

There are many - and they have limitations.

October 23, 2024 • Estimated Reading Time: 5 minutes

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Remember, the "title" is the bundle of rights of ownership. The Deed is a document that transfers Title. But Deeds often come with limitations. It's important to know what they are.

  1. General Warranty Deed

    • Provides the highest level of protection to the buyer. The seller guarantees that they hold clear title to the property and have the right to sell it. The seller also promises to defend the buyer against any future claims.

  2. Special Warranty Deed

    • Similar to a general warranty deed but with limited protection. The seller only guarantees against issues that arose during their ownership, not before.

  3. Quitclaim Deed

    • Offers the least protection. The seller transfers whatever interest they have in the property without any guarantees. Often used between family members or to clear up title issues.

  4. Bargain and Sale Deed

    • Implies that the seller holds title to the property but offers no warranties against encumbrances. Commonly used in tax sales and foreclosures.

  5. Grant Deed

    • The seller guarantees that the property hasn’t been sold to anyone else and that there are no undisclosed encumbrances. It’s commonly used in California and other states.

  6. Deed of Trust

    • Used in some states instead of a mortgage. Involves three parties: the borrower, the lender, and a trustee. The trustee holds the title until the loan is paid off.

  7. Sheriff’s Deed

    • Issued to the winning bidder at a sheriff’s sale, which occurs after a property is foreclosed. It conveys the foreclosed property to the buyer.

  8. Tax Deed

    • Given to a purchaser of a property at a tax sale. It transfers ownership of the property after the original owner fails to pay property taxes.

  9. Gift Deed

    • Used to transfer property ownership without any exchange of money. Often used when property is given as a gift.

  10. Correction Deed

    • Used to correct an error in a previously recorded deed, such as a misspelled name or incorrect legal description.

These deeds serve different purposes and offer varying levels of protection to the buyer, depending on the situation and the type of transaction.

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