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There are different types of Property Deeds, each with its own function.
Some of these are:
Grant Deeds:
A Grant Deed is used to transfer ownership of Property from one party to another.
The seller transfers the title of the Property outright to the buyer.
There is typically wording stating that the Property has not been sold to anyone else.
Quitclaim Deeds:
These are commonly used by families and divorced couples, when one party signs over their interest in the Property to the other party.
A Quitclaim Deed transfers rights in a parcel of real estate from one person to another person.
This process is separate from any mortgage agreements that may exist.
Warranty Deeds:
A Warranty Deed is used to make more specific promises, for example, that the transferor of the title is free of claims or liens on the Property.
These Deeds contain, as the name implies, a Warranty as well.
A Warranty Deed provides compensation to the person to whom the Deed is transferred if there are problems with the deal.
Deed of Trust:
A Deed of Trust provides a lender quick recourse if a loan goes into default.
Deeds of Trust usually provide for a quick, non-judicial foreclosure process.
There are also Tax Deeds, Gift Deeds, and Deeds in Lieu of Foreclosure.
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