General Warranty Deed – When a General Warranty Deed is used, the Seller or Grantor is warranting that have clear title and that all prior owners had the same. Therefore, the seller is warranting that if a claim is made as to the validity of the title, the seller will defend the buyer, regardless of when the title defect occurred.
Special Warranty Deed – This Deed different from the General Warranty Deed in that the seller is saying that while they have a clean title to convey to the buyer, they cannot warrant that prior owners did as well. Therefore, if a claim is made to the validity of the title, and the alleged claim occurred prior to the sellers possession of the property, the seller will not defend the buyer.
Quit Claim Deed – A Quit Claim Deed provides the least amount of protection to the buyer and is commonly used between family members or individuals who wish to take the property subject to any claims that may exist. When a quit claim deed is used, the seller is saying that title to the property may have defects and that they will not defend the buyers claim to title under any circumstances.
Lady Bird Deed – A Lady Bird Deed is estate planning tool to avoid probate when one wishes to transfer property upon their death. The lady bird deed allows for an individual to “deed” their property to another, while retaining for themselves a life estate in the property. The life estate gives the grantor full use and enjoyment the property, including the ability to sell or encumber the property, without seeking permission from the grantee. This means while the grantor is alive, they may enjoy the same ownership rights they had prior to executing the lady bird deed, but upon their death, the grantee will receive the property instantaneously, without the time or cost of probate.
Timeshare Deed – A Timeshare Deed is a legal document that is states a person(s) ownership of a vacation product. A Timeshare is either (1) the ownership of a vacation product as a unit of time to access different resorts; OR (2) as an interest of shared ownership of a vacation property at a specific resort.
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