I’m really excited! We’re just a few weeks into publishing my blog and I’ve already been getting requests for topics to cover. Call or email me any time if you have any special requests and my team and I will make sure we address your question here in the blog – and personally if you want or need more specific details. My first question came from Peter, who wanted me to talk about “different types of title – warranty, personal representative” because he needed to explain them to a client. What Peter is referring to are actually different types of deeds. For the consumers out there, deeds are instruments for conveying property from one party to another. The most common types of conveyance deeds are warranty deeds, grant deeds and quitclaim deeds. Depending on what state you live in, the first two are the most common deeds used when a home seller transfers a property to a buyer – in Minnesota, we use warranty deeds. A quitclaim deed is used when one or more parties on title to a property relinquish their interest to one or more people also in title. A bummer of an example of a common use of a quitclaim deed is in a divorce when one spouse “quitclaims” to another as part of their settlement. The other deed Peter asked about is a Personal Representative deed which is used most often when a property owner is incapacitated in some way or in situations where there’s an estate involved.
This is a very simplified version of types of deeds, so please understand there are many factors to consider when deciding what type of deed or method of conveyance you will use. Your real estate and mortgage professionals can help identify special circumstances you may have, but like the title companies, they cannot give tax or legal advice. Be sure and ask questions and get advice from the proper resources.
Thanks for the questions – and keep them coming!
Owner & President
GCS Title – Global Closing & Title Services