Interviewer: Today we are talking with Michael Robinson from Robinson and Henry Law Practitioners. Michael welcome to the show.
Michael Robinson: Thanks, it's good to be here.
Interviewer: Today we are talking about Warranty Deeds, when you buy and sell property in Colorado and in most states you usually transfer that by a Deed. And I probably could have rattled off five of the six, I didn't know the sixth that we will get to it in just a second but tell me what types of Deeds there are?
Michael Robinson: Okay the most common one is the General Warranty Deed and that's the one at the, it is in our statuette as a matter of fact and that's one where you get Title Insurance and you are basic warranting that the title of the property is good.
Interviewer: And does the general give you the broadest protection?
Michael Robinson: Yes it does. And it is the one that, it is the most common one that's used is the one where the real Title insurance is bought. There is another kind called a Special Warranty Deed and it sounds like it is even better but actually it is just the opposite. It only warrants actions that occur during the time the seller owned the property, if there is something that existed before that and there is no coverage anyway down the line. So that is a lesser version of it.
Interviewer: Okay, how about number three?
Michael Robinson: See the quick claim deed where you simply transfer whatever rights you have to the other person. Lots of time, courts don't actually consider that as actual conveyance. We use that a lot though for estate planning where we do it for; we will Quick claim the house if it is only in one spouse's name to both of them in joint tenancy. It is a very, very standard and the next three I believe are all ones to have to do with the government. One is the Treasurer's deed for the sale, of a tax sale of people that buy tax liens. There is the personal representative's deed too.
Interviewer: Now that is the one that I didn't know. What is that?
Michael Robinson: Well when you die you end, and your estate begins and thee state needs to be probated and a personal representative is appointed. That person has the power to do all the actions for the estate which is now who actually owns the property because the decedent the dead person can't go to close in, cant do anything so it is a special kind of deed that's done for probate issues and then the last one is the Property Trustees Deed which is what happens in foreclosures.
Interviewer: Got you. Are there still some bizarre ways to transfer properties, or bizarre mechanisms still out there?
Michael Robinson: Well, there are some old ones and some of these oldie but goodies still kind of float around. One of which is I think is called the Livery of seisin. Livery is just like delivery and this was the oldest version in our legal system where you go out to a field with someone and you would actually give piece of grass and a piece of tree and then they would accept it. You would have witnesses seeing that and that was the real legal basis in England all the way up to 1900 and some really famous places have been transferred exactly that way.
Interviewer: Oh that is perfect that way. I mean I still work today. Why do all the paper work. Just have a piece of grass. Michael thanks. Great information. Very interesting.
Michael Robinson: It's been a pleasure meeting you.