Deed forms are used to testify to the transfer of ownership of a real estate property, between two private parties. There are a few types of deeds, depending on the warranties offered and the level of trust between the parties involved.
The quit claim deed form is quite popular, despite not offering any guarantee to the buyer. From the Florida quit claim deed to general warranty deeds, at CocoSign we have an efficient template for all types of deeds. They are particularly useful, especially since most of these deeds need to be notarized.
What Is a Deed Form?
A deed form is a formal document issued when two parties close a deal on a piece of real estate property. It’s written proof that the ownership of that piece of property is transferred from the seller (grantor) to the buyer( grantee). The two parties write the deed form to complete the transaction, once they have agreed on the price and any other relevant terms.
There are two major types of deeds, based on the warranty they offer. Apart from that, some states may have special requirements for registering these documents, so it’s best to check with your local County Clerk before making the purchase.
Types of Deeds
Based on the level of certainty and the guarantees the buyer gets, there are two major types of deeds, the general warranty deed, and the quitclaim deed. The general warranty deed is the best type of document for a real estate transaction because it offers an unlimited warranty to the buyer.
The document states that the entire history of the property is clear, that there is no problem with the title, and that there is no reason for the grantee to worry about future ownership problems. The title is guaranteed for the entire period, even before the physical ownership of the seller has started.
The quit claim deed form is used for transactions that don’t offer any guarantees of ownership. In these cases, the seller doesn’t have the title or any way of proving they are valid owners of the piece of real estate.
What the quitclaim deed form actually proves is the transfer of proprietorship from the grantor to the grantee, with the explicit mention that the grantee accepts the transaction despite the lack of title.
When and Why Is a Deed Form Needed?
The deed form is needed in all states when a piece of real estate property is sold between two parties. It’s written proof of their purchase agreement and mentions relevant aspects, including the warranty offered by the grantor.
Since real estate properties are usually pricey, it’s essential to have a written record of every transaction. Not only does the buyer have proof that they bought the property, but they also need this document for tax and registration purposes.
Even if it’s a transaction between family members and the taxes are lower or even zero, the change in ownership still has to be registered. So, a formal document describing the transaction is crucial. From the Florida quit claim deed to a Texas general warranty deed, they are all necessary and must be issued with care.
Who Will Need a Deed Form?
Anyone involved in the purchase of a real estate property will need a deed form to close the transaction. Once signed and notarized, the document must be taken to the County Clerk for registration; the grantee cannot take this step without written proof of the purchase.
The general warranty deed is more frequently used. Since it offers the absolute guarantee that the seller is the valid and only owner of the property, it can be used between complete strangers without any issue. As for the quit claim deed form, it’s mostly used for transactions between members of the same family.
Since the seller cannot offer any warranty, a high level of trust between the two parties is essential. It’s usually used for transactions between parents and children, or instead of a will if a person wants to give the property to a family member. A quitclaim deed form is also handy when someone wants to add or remove a spouse from the title.
Deed forms are crucial for any real estate transaction all over the US. While there may be special requirements depending on the state and type of warranty offered by the seller, the main sections and the registration process are generally the same.
Whatever quit claim deed form or general or special warranty deed you need, you can turn to CocoSign. We offer a template for any document you may need to issue, and they are all professionally created and user-friendly.
Deed Forms FAQs
What is a special warranty deed?
The special warranty deed is the type of deed that only offers guarantees for the period when the seller has physically owned the piece of real estate. They don’t declare themselves accountable for any defect of the title from the previous owners.
What are the most frequently used quitclaim deed forms?
These types of transactions occur in all states, and at CocoSign we offer a template for each of them. But some of the most popular ones are: the Florida quit claim deed, the quitclaim deed Ohio, and the quit claim deed Georgia.
Who needs to sign the deed form?
The requirements regarding signatures differ from one type of deed to another as well as depending on the state where the property is located. Sometimes the presence of two witnesses is mandatory. In that case, the document must be signed by all parties involved: grantor, grantee, and witnesses, and the notary public must affix their state seal.
Where do I have to record the deed form?
Just like the signing requirements, the place of registration also depends on the state where the transaction takes place. You may have to register the document at the County Probate Judge, County or District Recorder’s Office, a Clerk of the Superior Court, or the County Registry of Deeds.
What are the main types of ownership interest in a real estate property?
There are three types of ownership interests: joint tenants, tenants in common, and tenants by the entirety.