A Property Deed is the legal mechanism used to convey real property (land and the property attached to it) from a seller to a buyer. Issues related to property purchase and transfer can be quite complicated, and Property Deeds are no exception. There are several types of Deeds and specific requirements for transfer.
Types of Property Deeds
The most common classification for Property Deeds is based on the type of title warranty transferred via the Property Deed. These include:
- General Warranty Deed: This type of Property Deed is the most protective to the buyer. The seller must provide legally binding assurances to the buyer that it will protect the buyer from prior claims as they relate to the conveyed property.
- Special Warranty Deed: This Property Deed type provides more limited warranty due to the timeframe it covers and is therefore less protective of the buyer. Under this Deed, the seller only warrants the buyer against defects that arose while the seller was the property owner.
- Quitclaim Deed: This is akin to a Non-Warranty Deed and is most protective to the seller who makes no promises or warranties regarding the quality of the title. It simply conveys whatever interest the seller has in the title. If it were to be discovered that the seller did not actually receive title to the property (and therefore had no right to transfer title), there is no recourse for the buyer.
In addition to the above, there are a number of special purpose Deeds that are more commonly used in connection with court proceedings.
Requirements to Transfer a Property DeedThere is no standard form required for documenting a Property Deed, but it must be in writing. Each party involved in the conveyance must be legally capable of entering into the transaction, for example, it cannot be a minor. The Property Deed must describe the property, identify the buyer and seller, and be signed and notarized by all the owners of the property.
If you need help transferring a Property Deed, contact us today.