Types of Property Deeds

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When you get to the stage of purchasing a property, the ownership needs to be properly conveyed, or transferred, from the current owner to the next owner - you! How do we go about doing this the right way?
Real estate transactions will use a deed to legally convey the property title and ownership from the seller to the buyer. A deed is a legal document that conveys property from the seller (and current owner) to the buyer.
Deeds are used in real estate transactions, and there are different types of deeds to be used for different situations. The title chain guarantee and assurance of debt-free lots varies depending on the deed used. There are five main types of deeds used in property transactions:
* Warranty Deed: Acts as a guarantee to the prospective buyer that the seller has the right to sell the property, and that the property is free of debt and liens - for the property's entire history. If this is proved incorrect, the seller will be held responsible and must prove the title chain of the parcel or compensate the buyer for any unsettled back taxes or liens. This deed offers the highest level of protection for the buyer. This deed is commonly used in real property sales.
* Special Warranty Deed: The seller's guarantee does not cover the property's entire history (as it would in a Warranty Deed). The seller only guarantees against claims or issues that occurred during their ownership. This deed doesn’t provide as much protection to the buyer as a Warranty Deed does. This deed is often used in commercial property sales.
* Quitclaim Deed: Applications of this deed are limited, mostly to transactions between family members and acquaintances. This allows one party to transfer property rights and claims to another party. There isn't always a monetary exchange. There is no guarantee of title chain, full property ownership, or that it is free of liens and encumbrances. The Quitclaim Deed provides the least amount of protection to the buyer, because unlike the other deeds, there is no title covenant.
* Bargain and Sale Deed: Should only be used in very specific instances. This deed transfers ownership of a property from the seller to the buyer. There is no guarantee to the buyer that the seller owns the property free and clear of encumbrances (similar to a Quitclaim deed). Use of this deed implies that the seller has the proper title to the lot, and is allowed to convey it - but it is not guaranteed. This deed is often used in tax sales, auctions and foreclosures.
* Grant Deed: Transfers a property from the seller to the buyer in exchange for a pre-determined price. This deed guarantees that the seller owns the property and has the right to sell it. It does not guarantee the title chain is clear (where a Special Warrant or Warranty Deed would). This deed is frequently used in residential sales.
At Compass Land, we don’t mess around with Quitclaim, Bargain and Sale, or Grant Deeds. We are confident in our properties and the healthy state in which we bought them. That’s why we only use Warranty or Special Warranty Deeds. The deed type we use is dependent on the specific property.
If you have any questions about the deeds that we use or how we convey you a property, please contact me using the link below. I look forward to hearing from you!

[@CompassLandUSA]

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[@blanenoel4231]

My Dad this on side as Hobby too! He showed how it all works!

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Hi Blane! good to know you already know about it 👍🙂

[@devendraupadhyay6575]

Found this video just after I found your website😁😁😁😁

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[@AlexSerranocreativefeather]

Thanks for the explanation

[@CompassLandUSA]

Hi Alex! Thank you! we're trying to provide valuable content for you. glad you like it! 🙂