Deeds Explained in a Nutshell
Types of Real Estate Ownership
(Please discuss with an attorney or title company before choosing any of these options. This document is for nutshell explanation purposes only and is NOT intended to be legal advice)
What are deeds? Simply put, deeds are documents that record the transfer of ownership from one owner to another.
- Tenants in Common – Usually used for business partnerships. This means that each owner owns equal parts (e.g. 50/50)
- Joint Tenants & Tenants by Entirety – These two types of ownership are pretty much interchangeable. Either type transfers all shares to the other party (e.g. married person dies, automatically goes to wife)
Types of Deeds
- Warranty – Typically given to Buyer by a bank, or other entity that is not warranting the property. They never lived in it, they have no real knowledge of the property.
- Bargain & Sale – This is the most commonly used / “regular” type of deed.
- Executor – This is typically the type of deed one will received if they are purchasing a property through / from an estate
- Quit Claim – This deed is a deed that is oftentimes used to transfer properties between family members, or business partners. One owner is quitting their claim to the property. They will no longer have a claim on said property. (e.g. parent to child, business partner to another)
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