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.
Lets take a look at the types of such documents that you might encounter in a real estate transaction. These are all forms of real estate deeds. The choice of the proper document depends on the type of real estate transaction.
A special warranty deed is a variation on this type of deed and it only warrants what is specifically written in the deed. It is sometimes called a limited warranty deed and can be compared to a quitclaim deed. It is usually reserved for use by entities wishing to avoid the potential hassle of relying on a general warranty deed. It conveys and specially warrants certain details.
A deed in lieu of foreclosure is used for circumstances where the grantor is on the brink of losing his or her property in bankruptcy and chooses to deed the property to a grantee instead of having it foreclosed upon.
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