A deed is the document that transfers ownership of real estate. A deed includes the name of the buyer (grantee) and the name of the seller (grantor), and provides a legal description of the property. The deed is signed by the person transferring the property and the seller’s signature must be notarized. A deed for property must always be in writing, and it must follow state laws, therefore, it is important to have an experienced real estate attorney prepare and review the deed to ensure that it is properly executed.
There are many types of deeds, the most common being a warranty deed, also called a grant deed. A warranty deed transfer ownership and explicitly warrants the buyer that the seller has good title to the property. A warranty deed offers the great protection for buyers since the seller must promise good title to the property, with no liens or encumbrances not disclosed in the deed. The seller also agrees to defend against any defects found in the deed.
Another common form of deed is the quitclaim deed. A quitclaim deed transfers any ownership interest the seller has in the property, but makes not promises about what that interest is or that the title is good. Quitclaim deeds are most commonly used to clear up title problems, to transfer property between spouses after divorce, or in informal transactions between family and friends. Contact Byrne & Associates, PLLC.