Now, let’s talk about the different types of deeds.
Quit Claim – This type of deed does not provide any warranties or guarantees that title is good or that the property being transferred is free of all liens/claims. This deed is used mostly between family members or when there is a non-sales transaction.
Warranty Deed - This deed conveys property with warranty covenants to the buyer. Some of the covenants of seisin (possession), encumbrances, quiet enjoyment, and further assurance.
Special Warranty Deed – This deed contains the covenant that the title is free and clear of encumbrances only arising by, through, or under grantor, with any exceptions expressly noted in the conveyance.
Trustee Deed – This is just like a special warranty deed but it is named after the grantor who is the trustee of a trust. This deed warrants that the title to the property is good, indefeasible, in fee simple, and free and clear of encumbrances arising by, through, or under grantor who is the trustee of the trust that owns the property.
T.O.D. (Transfer on Death Deed Form) – This allows an owner to transfer his or her property by designating one or more beneficiaries to receive the property after the owner passes away without the property first going through probate. The owner may void out this deed any time while he or she is alive.
Land Contract – This is a contract between the seller and buyer, where the seller provides the buyer with financing to purchase the property. The seller retains the legal title to the property, while the buyer takes possession of the property until all the terms of the contract has been satisfied.
Condo deed – This a deed used by a condominium developer to transfer a condo and certain rights to a buyer. Some rights include the right to use common areas in the condominium development.
Guardian deed – This deed is used when the owner of the property was or is the ward of a court appointed guardian. The court must approve or give the guardian’s right to sell the property. Many times these deeds do not contain any warranties.
Personal Representative Deed – This deed is used by the personal representative (executor) of a deceased’s estate appointed by the probate court or by an administrator (agent) for someone who is incapacitated. Many times these deeds do not contain any warranties.
Life estate - This deed allows the owner (Life Tenant) to convey the property to the new owner (Remainderman) with keeping certain rights during their life time. The Life Tenant is able to use the property until their death. Normally, they will pay for taxes, insurance, and upkeep of the property. The Life Tenant is entitled to all rents during their life time. Upon the Life Tenant’s death the property transfers to the Remainderman without going through probate court. If anyone of the parties would like to sell the property they must have all the parties agree to the sale.