If a family member wants to transfer property to another member of the family, a gift deed might be needed. This assures the grantee that the property is his or hers even if no money has exchanged hands.
A fiduciary deed is executed by a fiduciary. This happens when a trustee is appointed to deal with the property. An example would be when the property belongs to a minor and a guardian is appointed to handle legal matters until the property owner is of age.
Another type of deed is the general warranty deed, which is similar to a grant deed. There is one major difference and that is, warranty deeds have a third guarantee. The third guarantee is that the title is free of any defects, even if a previous owner caused the defect. Depending on state law, a phrase such as "conveys and warrants" is included. These are considered operative words of conveyance.
Quitclaim deeds are another type. It is sometimes mistakenly called a quick claim deed. Specifically designed to convey any interest that the grantor might have in the property, quitclaim deeds are often used when a couple divorces and one party wants to deed the property to the other partner. In a divorce, one spouse sells the property and the other spouse signs a quit claim deed so that the buyer never has to worry about a dispute that emerges after the divorce is final. A quitclaim deed exactly what it sounds like. It allows a potential grantor to assure the grantee that he or she has quits any claim on the property. The operative words of conveyance are along the lines of "convey and quit claim".
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