General Warranty Deed
The seller or grantor conveys the property with certain covenants or warranties. The grantor is legally bound by these warranties. Whether expressly written into the deed, or implied by certain statutory words, basic warranties include:
Covenant of Seisin - Seisin means possession, and the grantor warrants that they own the property and have the legal right to convey it. (Seisin is the possession of such an estate in land as was anciently thought worthy to be held by a free man from Wikipedia)
Covenant against encumbrances - The Grantor warrants that the property is free of any liens or encumbrances unless they're specifically stated in the deed. Covenant of quiet enjoyment-The buyer is guaranteed that the title will be good against third parties attempting to establish title to the property. Covenant of further assurance- The Grantor promises, in order to make the title good, they will deliver any document or instrument necessary.
The covenants or warranties in a general warranty deed do not cover just the period of ownership of this grantor.
They extend back to the origin of the property. Each grantor of a general warranty deed in the title chain would be liable for title problems before and through their ownership
Statutory warranty deed
The special warranty deed is not nearly as protective of the buyer as is the general warranty deed. The grantor of a special warranty deed conveys the property with two warranties: The grantor warrants that they have received title. The grantor warrants, unless noted specifically in the deed, that the property was not encumbered during their period of ownership.
The grantor of the special warranty deed, in effect, only warrants the title against their own actions or omissions. They warrant nothing prior to their taking title. If specifically stated in the deed, other warranties can be conveyed. Special warranty deeds are frequently used by executors and trustees.
For obvious reasons, most transfers are accomplished using the special warranty deed.
Quit claim deed
The quit claim deed is the least protective deed for the buyer. Basically, it only conveys whatever rights or interests the grantor has in the property. It provides no warranties or covenants to the buyer. If the grantor has good title, the quitclaim deed is as effective as a general warranty deed, but with none of the guarantees. Quitclaim deeds are frequently used to cure defects in the title. Quitclaim deeds are also frequently used to transfer property between family members also.
Bargain and sale deed
This deed does not warrant against any encumbrances. It does imply that the grantor holds title to the property. Since it does not warrant good title from the grantor, the grantee could be in trouble if title defects appear at a later date. This type of deed is used frequently in tax sales and for foreclosure actions. As with the special warranty deed, other warranties can be conveyed in a bargain and sale deed if they are specifically stated.
Sheriff's deed
A document giving ownership rights in property to a buyer at a sheriff's sale (a sale held by a sheriff to pay a court judgment against the owner of the property). A deed given at a sheriff's sale in the foreclosure of a mortgage. The giving of said deed begins a statutory redemption period.
A Trustee's deed
A trustee's deed is a deed to be executed by a person serving as a trustee in their appointed capacity. A trustee's deed is often used, for example, by a trustee in bankruptcy to sell real property of the debtor.
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