These include a variety of deeds including a covenant of seisin, which means the deed holder can offer warranties to another party and if the property is not in the condition the deed holder conveyed, the other party has court remedies.
A Covenant of quiet enjoyment is another deed covering such elements such as a covenant of warranty forever—guaranteeing the deed will stand forever as is, a covenant of further assurance meaning the holder of the deed, even if conveyed to another party, will repair any liens or encumbrances on the deed if requested.
Also in this category are special warranty, bargain and sale, and quit claim deeds. Don’t be deed stressed here! We’re only half-way through!
The special warranty deed is much as it sounds. The grantor can convey the deed to the grantee but in this sneaky little deed, the grantor ends his responsibility or doesn’t have to step up to the pump if the grantee finds errors or liens on the deed. This type of deed is attractive when properties are sold for delinquent taxes.
The bargain and sale deed is yes, just as you guessed—you’re getting a bargain—sort of like an ice cream sundae without the whipped cream. These deed are commonly used in foreclosures and well, you get what you pay for with no promises or responsibilities from the original owner of the deed.
Finally, in this category we have the popular quit claim deed. I love this deed, especially when one person or party holds single ownership of real property and wants to share and play nice with a new party—think of a single woman who married and wants her hubby on the deed. This transaction is possible but I recommend only using a person you trust.
For example, say the new wife wants to have the groom on the deed. She conveys the deed to a disinterested party who then conveys the deed back to the wife and new spouse.
These deeds are also popular if errors are found such as misspelled names. Further, the third party involved in the quit claim deed has no liability for any defects during the quit claim process. Yikes!