Property deeds help you transfer or assign ownership of property, title to the land and a house in that land. Unlike earlier times, today such transfe...
Property deeds help you transfer or assign ownership of property, title to the land and a house in that land. Unlike earlier times, today such transfers are recorded electronically. There is a grantor and a grantee involved in the transfer of ownership.
The grantor is the individual who wants to sell the property and the grantee is the one who buys it. There are 3 main types of deeds:
Grant deed: This a deed most commonly used in California. The grant deed contains 2 guarantees:
The advantage of grant deeds is that they don’t need to be recorded or authenticated to be valid. However, most buyers need the protection to be able to validate that the property has been sold.
Warranty deeds: These deeds have quite a similarity to the grant deeds and are mostly used in the Midwest and the Eastern states. The one exception to the grant deeds is that the grant deed has 2 guarantees whereas the warranty deed has 3 guarantees:
Quitclaim deeds: Also erroneously referred to as quit claim deed and ‘quick claim deed’, this deed is used to convey the interest from the grantor to the grantee. This deed is seen mostly used in case of a divorce where the property is quickly moved from one spouse to another.
What are the other types of deeds?
There are 3 other types of deeds:
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