A warranty deed is a document that guarantees the property being sold is free from any claims or liens and assures the buyer of clear title. It offers the highest level of protection for the buyer.
A grant deed transfers property ownership from the seller to the buyer and typically guarantees that the property has not been sold to someone else and is not under any encumbrances, except those disclosed.
A quitclaim deed transfers whatever interest the seller has in the property without warranties or guarantees about the title's clearness. It is often used between family members or to clear up a title issue.
A special warranty deed offers limited warranties about the title, only assuring the buyer that the seller has not done anything to impair the title during their ownership.
A deed of trust is used in some states instead of a mortgage. It involves a third-party trustee who holds the title until the borrower repays the loan.
A reconveyance deed is used to transfer property back to the borrower from the trustee once a deed of trust is paid in full.
This deed is a way for a borrower to avoid foreclosure by voluntarily transferring the property title to the lender.
An executor's deed is used by an executor of an estate to transfer property according to a will or a court order.
An administrator's deed is similar to an executor's deed but used when a person dies intestate (without a will), and an administrator is appointed to handle the estate.
A tax deed is given to a purchaser of property sold at a public auction due to the owner's failure to pay property taxes.
A sheriff's deed is a deed given at a sheriff's sale during foreclosure proceedings or for unpaid taxes.
Joint tenancy is a form of property co-ownership where each party owns an equal share, and upon the death of one party, their share automatically passes to the surviving co-owners. It is characterized by the right of survivorship.
Tenancy by the entirety is a form of joint ownership between married couples where both have equal undivided interest in the property. Similar to joint tenancy, it includes the right of survivorship, but it can only be severed by death, divorce, or mutual agreement.
Tenancy in Common is a type of property co-ownership where each owner holds an individual, undivided ownership interest in the property. This form of tenancy does not provide the right of survivorship; instead, upon the death of one tenant, their share of the property passes to their heirs or as designated in their will.