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Types of Deeds
The instrument that is typically utilized to convey the title and
ownership of a parcel of real property from one party to another
is a deed. There are three basic forms for deeds: warranty
deed, special warranty deed, and quitclaim deed. Each has
unique assurances for the party that is receiving title to the
property and these distinctions can have significant implications
on the title to the property and the relative rights of the parties
involved in the transaction.
There are many factors that combine to dictate the type of deed
that will be utilized for a particular transaction including the type
of transaction that is being undertaken, who or what the party
that is conveying the title to the real property is, the familiarity of
the parties involved in the transaction, and the negotiations that
took place prior to the conveyance of the ownership interest in
the property. Therefore while certain conventions exist as to
what type of deed may be utilized for a particular type of
transaction, there are many factors that can cause deviations
from such conventions so that a different form of deed is utilized.
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