A Mississippi deed is a legal form by which ownership of real property transfers from one party to another. Before executing the document, the property transferor (“grantor”) should consider the covenants and title assurances each type of deed provides. For instance, a quit claim deed conveys an interest in real estate with no warranties of title and no guarantee that the grantor is the rightful owner. Due to this lack of protection, this deed type should only be used when the property recipient (“grantee”) is confident that no encumbrances are clouding the title.
The deed offering the highest level of title protection is the general warranty deed, which promises that the title is unencumbered and that the grantor has the legal right to transfer the property.
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Types (5)
Deed of Trust – A contract between a lender and borrower whereby the borrower transfers title rights to a trustee. The trustee holds onto the title until the borrower repays the lender.
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General Warranty Deed – Guarantees that the title is unencumbered and that the grantor will be liable for title defects caused by themselves and all former owners.
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Special Warranty Deed – Includes a promise that the grantor will defend the property title against any claim brought upon the grantor, but not claims brought upon former owners.
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Quit Claim Deed – Conveys a property title to the grantee without making any guarantees regarding the grantor’s ownership or the quality of the title.
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Transfer on Death Deed – Grants property to one (1) or more beneficiaries following the death of the grantor. The grantor can revoke this deed at any time before their death.
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Laws & Requirements
- Statutes: Title 89, Ch. 1 (Land and Conveyances)
- Formatting: §§ 89-5-24, 27-3-51(2)
- Signing Requirements (§ 89-3-1(1)): Notary Public
- Where to Record: Chancery Clerk’s Office
- Electronic recording is available in some counties.
- Recording Fees (§ 25-7-9(1)(b)): $25 for the first five (5) pages + $1 for each additional page
- Property Disclosure Statement (§ 89-1-503): Required by state law to be completed by real estate sellers and given to buyers before property is conveyed.