When a necessity for a deed or other real estate title issue arises, you are encouraged to work with a lawyer you trust. Hector Martinez has assisted a wide array of clients with real estate matters and deeds, patiently guiding each individual through this complex process. He is an excellent legal advocate to have at your side as you make important property and financial decisions.
The Different Types of Deeds:
A deed is a document that allows for the transfer of ownership between a granter and a grantee. Several types of deeds exist and no one approach is best for every seller or buyer. As such, it is important to understand the types of deed available and which is the best fit for your unique situation. The following are three of the deeds you are most likely to encounter:
Life Estate Deed
A warranty deed with a life estate allows for the transfer of a property title from one individual to another but not until the death of the owner, the grantee of the property in question. This type of deed generally allows for the person who is transferring the property to retain the use, possession, enjoyment, and even the right to sell the property, this is possible because the land is not being transferred until the death or relinquishment, sometimes referred to as abandonment, of the real property in question. A warranty deed with life estate gives the grantor control and allows for advance planning.
A warranty deed involves the transfer of a property title from one individual to another. This type of deed generally includes the name of the person who is transferring the property, a legal description of the property being transferred, and language indicating that the grantee now has ownership of that property. Typically a warranty deed offers the grantee a greater level of protection than a special or a quit claim deed.
Special Warranty Deed
A special deed ensures that the seller owns the property and has not faced any significant title issues. However, there is no assurance regarding a lack of property issues for prior owners. Special deeds do not offer quite as much protection as standard warranty deeds, but they are generally deemed preferable over quit claim deeds. That being said, no two cases are the same — and feedback from a lawyer may be required before a grantor or grantee determines that a special warranty deed is the preferred option.
Quit Claim Deed
A quit claim deed allows for the transfer of property to a former spouse or a family member. This type of deed is also ideal for anybody who wishes to transfer property ownership to a trust. Other possible uses for quit claim deeds include providing clarification for community versus separate property after getting married, correcting a name’s spelling from a prior deed, altering tenancy between owners or buying and selling property through a business. If you desire to accomplish any of the aforementioned goals with the help of a quit claim deed, consider looking to a trusted deed lawyer such as Hector Martinez for targeted advice.
Affidavit of Heirship
Affidavit of Heirship is used if the Decedent died without leaving a valid Will and had only real estate. In order for title to the real property to transfer to the Decedent’s heirs they can, file the Affidavits of Heirship with the appropriate county deed records, this is based on where the real estate owned by the Decedent is found.