There are several different types of deeds. At times, there can be confusion over the proper deed to use for the circumstance.
Below is a list of common deeds:
Warranty Deed: This type of deed provides the highest level of protection for the buyer as it includes the covenant seisin, covenant of quiet enjoyment, covenant against encumbrance, warranty of title and covenant of further assurances. These covenants are what ensure the buyer that the grantor is passing good title and if not, the seller will do what is necessary to make title good.
Special Warranty Deed: Similar to a general warranty deed, A special warranty deed offers less protection because it limits the grantor’s covenants to the time period the grantor owned the property.
Quitclaim Deed: A quit claim deed is used when an owner is giving up his or her interest in the property.
Disclaimer deed: is used when a married spouse disclaims his or her community property interest in the property.
Beneficiary deed: is an estate planning tool that allows people to designate a beneficiary to their property upon death. Beneficiary deeds are an effective estate planning tool because the transfer after death avoids probate. A grantor can revoke or change their beneficiary deed anytime during their lifetime.
The parties to a deed are referred to as grantor and grantee. The grantor is the seller and the grantee is the buyer.
In Arizona, deeds need to be signed, sealed and delivered to be valid. A deed is signed only by the grantor(s), not the grantee. A deed does not have to be recorded to be valid, but recording is very common.
Bailey Law Firm advises clients on what deed is appropriate for their circumstance. We also draft and record our clients’ deeds.
Our popular deed work includes transferring property from individuals to an LLC, transferring property from individuals to trusts, drafting beneficiary deeds as an estate planning tool and properly disclaiming interest when appropriate.
Contact Bailey Law Firm at 480-681-5408 or book your appointment online to speak to an Attorney.