Any time you plan to transfer or sell your real property, you will need a property deed.
Selecting the correct deed to your situation is not always straightforward or clear-cut. Real estate deeds have unique requirements depending on the situation.
For example, you may be planning for the future with a life estate deed. Or perhaps you would like to add your spouse to your house deed. Moreover, you will need a deed if you plan to sell your house or transfer it to a family member. Additionally, some property owners chose to protect their interests by setting up a trust or LLC to own their real estate property.
Regardless what your real estate plan is, it is important to use the correct deed to properly complete the transfer of property ownership.
Deeds to Transfer Property Title
Warranty Deed
Warranty Deeds are the the most common deeds used in real estate property transfers.
Whether the deed contains a full or limited warranty of title will determine which warranty deed is used.
General Warranty Deed
A general warranty deed is the gold standard of deeds and is the most common deed used in real estate transactions.
This deed conveys full rights of ownership and disposal to the buyer and provides the buyer with the most protection.
Special Warranty Deed
This deed guarantees the seller who currently owns the property has not faced any title issues during the time of his or her ownership of the property.
If you are unsure of the history of the property, you should avoid a special warranty deed.
Deed Without Warranty
This deed is a conveyance of property without any title warranties, expressed or implied.
The seller is not bound to defend against any title defect no matter when it may have occurred.
Quit (Quick) Claim Deed
When used appropriately, Quit Claim Deeds may be used to give up or relinquish any claims or interest in a property.
These deeds are often used between people who know each other. Usually, a Quit Claim Deed does not involve the exchange of money.
Executor's Deed
This deed is used to transfer or convey real estate property of a deceased property owner who died with a Will.
It is the legal document used by the Executor to complete the transfer of real property owned by the deceased according to the terms of a Will.
Life Estate Deed
A life estate deed transfers ownership of real property into two separate interests.
These two interests become the true owners of the property but each have separate rights of possession.
Lady Bird Deed
A lady bird deed is a special type of life estate deed. It is sometimes known as an “enhanced life estate deed”.
This deed DOES give grantor the option to change the grantee without their consent. The grantor also retains the right to sell or mortgage the property.
Transfer on Death Deed
This deed names beneficiaries to own the real property at the time of transferor’s death.
When this deed is properly recorded, no probate is needed to transfer title to the property described in the deed.
Deed in Lieu of Foreclosure
This deed is a formal legal document used to surrender the property to the Lender or Seller.
It transfers title of real property from the Buyer back to the Seller in lieu of going through a foreclosure process.
Do you have questions about which deed is appropriate for your situation? Call and speak directly with attorney Scott Steinbach. 972-960-1850.
Texas Property Deeds is a service of The Steinbach Law Firm. Using our service, all deeds are prepared correctly by an attorney. All property records verified and confirmed. Fast, easy, same day service. Most deeds $195.
The Steinbach Law Firm prepares all documents for any real estate transaction in Texas.
R. Scott Steinbach is AV Preeminent rated by Martindale-Hubble. Peer rated for Highest Level of Professional Excellence.
Have questions? Get in touch!
Contact attorney Scott Steinbach directly by phone, email or message for a free consultation.
Have questions? Get in touch!
Contact attorney Scott Steinbach directly by phone, email or message for a free consultation.