Types (6)
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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Life Estate Deed – Retains the grantor’s interest in their lifetime, transferring to the grantee after death.
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Transfer on Death Deed – Grants property to one 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.