Hed_interior_faq

Commercial Real Estate

Are there different types of deeds, and why should I care?

The type of deed can make a big difference. In some states, the typical conveyance is a grant deed, which basicly says the seller has a interest in the property and that it is being conveyed to the buyer, but not necessarily with any representations or warranties as to title. Other states have warranty deeds that go a step further to provide a warranty that the seller has good title to the interest being conveyed. All states have something like a quit claim deed where a party is only signing over whatever interest that party has in the property, if any.
The bottom line is that you could take a deed from someone that means nothing. While this may amount to fraud on the part of the seller, who wants to have to sue someone to try to enforce your rights? And you may not even have a good case if, for example, you accepted a quit claim deed that says that you got only whatever interest the other party had, which may have been nothing. You can see the need to get competent legal advice.

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