Warranty Deed: A Warranty Deed is a legal document in which the property owner (“grantor”) transfers all their rights in a piece of property to another individual (“grantee”). A Warranty Deed is only used to transfer rights in real property (house, condo or land) and not to transfer an individual’s interest in personal property. A Warranty Deed offers protection by guaranteeing the title conveyed by the grantor is good, the transfer is permissible and that there aren’t any liens on the property.
Quit Claim Deed: A Quit claim deed is a valid form of conveyance in the state of Florid and only convey the grantor’s interest in the property. A drawback is that there are no warranties of title. Therefore, all references to warranty are omitted and the words “granted, bargained, and sold” are replaced by “quit-claimed.” A correctly executed and recorded quit claim deed offers no protection for the grantee against a future claim.
A quit claim deed is used to cure issues with a property’s title and to transfer property into a trust. Another use of quit claim deeds are to add or remove a spouse from a deed and to transfer property interests to children. Florida has many laws to protect spouses and minor children and attempting a quit claim deed on your own is not recommended.
Company Deed: A company deed is a document that transfers the ownership of a parcel of real estate from one organization to another individual or organization. When a land developer purchases land and builds houses on the land, the developer holds the title to all of the land in the housing tract. In order, to transfer an individual lot to a buyer, the real estate developer issues a company deed to the buyer. The real estate developer still owns the other lots, and it issues a separate company deed to each new buyer.
Real Estate Closing: To complete any real estate transaction requires, a process known as “the Closing”. The Closing can occur after the obligations of the Buyer and Seller have been performed. At that time, the Seller conveys the Real Property to the Buyer, and the Buyer comes forth with the monies or proceeds to be distributed to the Seller, after all title encumbrances and liabilities associated with the Real Property are satisfied.
The closing doesn’t end with the Deed being signed. In order to complete the Purchase, all legal documents (Deed, Mortgage, Satisfactions and Affidavits) must be recorded at the local Land Records Department and then returned to respective parties. Furthermore, the Title Insurance Policy must be completed and sent to the Owner. If the Purchase was financed, the Lender must also receive a Title Insurance Policy.