If you’re like many people who are buying a home in Lake City, you know that you’re going to have to deal with a deed to the property at some point.
But what is a deed, and what does it do?
More importantly, how does it affect your homeownership?
What is a Deed in Real Estate?
A property deed in real estate is a legal instrument that assigns ownership of property to a particular person (or, in some cases, to an entity – like when a business owns a property).
What Does a Real Estate Deed Do?
A real estate deed transfers title to the land and its improvements (such as a house) to an owner. In this context, you might also hear transfer referred to as grant, assign, convey, or warrant… but it’s essentially the same thing.
The deed’s grantor is the person or entity selling the property, and the grantee is the person or entity buying the property.
Three Types of Deeds in Florida
There are four types of deed used in Florida:
- Statutory warranty deed
- Special warranty deed
- Quit claim deed
- Specialized deed
Statutory Warranty Deed
A statutory warranty deed (also known as a general warranty deed) fully warrants the title to the property being conveyed against any claims.
Statutory warranty deeds are used in the vast majority of residential real estate transactions in Lake City and elsewhere in Florida.
Special Warranty Deed
A special warranty deed only gives a limited warranty of title; it only warrants against claims of people who are claiming through, by, or under the grantor.
Quit Claim Deeds
A quit claim deed doesn’t provide any warranties; it simply conveys the title.
Specialized Deeds
Although you may hear terms like trustee’s deed and personal representative’s deed, those titles refer to who’s executing the deed… not the type of deed you’re dealing with. A specialized deed can be a statutory warranty deed, a quit claim deed, or a specialized deed.
Are You Moving to Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
- Water Front Residential
- Water Front Land
- Bank Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non Deed Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo
