A deed is a legal instrument used in the passing of property from one individual to another and is recognized by the government as a legitimate transaction through proper signatures and attesting witnesses. While most property deeds serve the same end goal, different circumstances of the land sale have created differing deed types, which are as follows:
- General Warranty Deed: Designed to protect the buyer, a general warranty deed establishes the following covenants: the seller does own the land and has a right to sell it, the property is free of encumbrances unless otherwise stated, and the buyer is guaranteed ownership of the title despite third party claims at the title.
- Special Warranty Deed: This deed is very similar to the general warranty deed, but with one notable difference: there is no covenant to ensure protection from title defects prior to the seller owning the property.
- Grant Deed: A common real estate transfer instrument, this deed requires a signature from all property owners before optional notarization and recordation is conducted. This deed ensures only one buyer exists and that there are no unknown loans or other encumbrances on the property.
- Quitclaim Deed: An instrument for transferring property ownership during a land sale, which allows a land owner to “quit” or terminate his or her right and claim to property and allowing transfer of ownership to the buyer. Like a special warranty deed, no title covenant exists to protect from third party title claims.
While other types of deeds do exist, these are the most typical for a land sale and will likely be the type of deed you will encounter in buying or selling real estate. Increase the visibility of your land sale by posting your listing on AllAcres.com, or browse our available property and discover the ideal land for a future residential project. Contact All Acres by phone at (855) 227-3741 or online. We would be more than happy to answer any questions you may have about posting and managing a land sale listing.