The Different Types of Property Deeds in Florida

Deeds are physical documents that convey ownership of a property. Contrary to what many people think, the title to a property is not the same thing as a deed. Deeds are physical documents while titles refer to the concept of ownership rights. The simplest way to understand this is by thinking of the concept of owning a book. While you can physically own a copy of the book, you cannot own a physical copy of the title.

To make matters even more complicated, there are different types of property deeds in Florida. Below, our New Port Richey real estate lawyer explains what these are.

Warranty Deeds

 Warranty deeds provide a full warranty of title that covers the entire chain of title, including the period before the seller owned the property. General warranty deeds are the most common type in Florida used to transfer ownership of residential property. As such, it is the most common type found when closing the purchase or sale of a home. General warranty deeds are considered the highest level of deed for property ownership.

Special Warranty Deeds 

Special warranty deeds transfer a limited warranty of title to the purchaser. A special warranty deed provides that the title is free of defects or issues during the time the seller owned the property. However, these deeds do not make any guarantees about the condition of a title before the seller took ownership of the property. Special warranty deeds are not as common in residential transactions, but they are sometimes seen when ownership of commercial properties is transferred.

There are times when owners of residential property may offer a special warranty deed. When this occurs, buyers should always ask why a general warranty deed is not being offered.

Quitclaim Deeds 

Quitclaim deeds transfer ownership interest in property to a new owner, but they do not make any warranties regarding defects or issues with the title. Quitclaim deeds are the least desirable type of deed when ownership is being transferred. Quitclaim deeds offer very few, if any, guarantees about the condition of the property. It also does not guarantee that there are no defects or issues with the property.

The best way to think of quitclaim deeds is a car dealership that sells a vehicle ‘as is.’ After the new owner drives the vehicle off of the lot, they are responsible for dealing with any defects or issues. Due to this, quitclaim deeds are most often used to transfer property among family members, from an individual to a trust, or an individual to an LLC, among other reasons.

Our Real Estate Lawyer in New Port Richey Can Help with Your Transaction 

The type of deed used when purchasing or selling property is very important. At Messina Law Group, P.A., our New Port Richey real estate lawyer can advise on the different types of deeds and help you ensure there are no defects or issues with a property, or that they are acceptable to you. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.

Source:

floridadep.gov/lands/bureau-survey-mapping/content/title-and-land-records