What is a deed? What type of deed — grant, quitclaim, warranty — should I use?
A deed is the document that transfers ownership of real estate. It contains the names of the old and new owners and a legal description of the property, and is signed by the person transferring the property. You can’t transfer real estate without having something in writing, which is almost always a deed. Here’s a brief rundown of the most common types of deeds: A quitclaim deed transfers whatever ownership interest a person has in a property. It makes no guarantees about the extent of the person’s interest. Quitclaim deeds are commonly used by divorcing couples; one spouse signs all his or her rights in the couple’s real estate over to the other. This can be especially useful if it isn’t clear how much of an interest, if any, one spouse has in property that’s held in the other’s name. (However, a quitclaim deed doesn’t relieve the individual transferring ownership from the mortgage, if there is one.
