A house that is Deeded away via a Life Estate Deed bypasses the probate process and passes to the remainderman in fee simple at the death of the life tenant. At the execution and deliverance of this type of Deed, the Grantee becomes the fee simple remainderman, and the Grantor becomes a life tenant in the property. If you are not an expert at identifying risks and liabilities in the property’s chain of title, you should be very careful purchasing a property via Quit Claim Deed.Ī Life Estate Deed is a grant of an ownership interest in a property, whereby the Grantor gives away true legal title and ownership to another person, while retaining the ability to use the property for the rest of their lifetime. Quitclaim Deeds often create exceptions to title policies, and are a tool used by owners to get rid of properties that may not otherwise qualify for conventional financing or title insurance. In Florida, Quitclaim Deeds are often used to transfer property between family members, an individual to an LLC, an individual to a trust, or spouses in a divorce, among other reasons. The Quit Claim Deed is comparable to a used car dealership offering a used car, “as-is.” Once you drive it off the lot, or in this case, once you accept the Deed, you are stuck with any issues the property may have. A Quitclaim Deed is the least desirable Deed to accept ownership of a property in Florida. If you are being offered a Special Warranty Deed from a residential seller, inquire as to why they are unwilling to convey a Warranty Deed.Ī Quitclaim Deed passes the ownership interest in real estate to the new owner but makes no warranties regarding any defects or problems with the title.

In Florida, a Special Warranty Deed is most often used to transfer commercial properties, and while it is available in a residential transaction, it is uncommon. Special Warranty Deeds are considered the mid-tier Deed for ownership, second to the Warranty Deed. This particular type of Deed guarantees that there are no defects or problems with the title during the time period grantor’s/seller’s ownership but makes no promises about the condition of the title before the seller owned the property. The general Warranty Deed is considered the top tier Deed for ownership of a property.Ī Special Warranty Deed transfers limited warranty of title to the grantee.

The general Warranty Deed is the most common type of Deed to transfer residential property in Florida and is most likely the type of Deed that you will find at the closing table of a home purchase or sale. Each of these Deeds have different affects that come with each of these Deeds, and it is important to know when receiving a property what type of title you will be receiving.Ī Warranty Deed provides a full warranty of title that extends all the way through the chain of title, including the period before the grantor/seller owned the property. There are five (5) main types of Deeds in Florida that will be addressed in this article: (1) Warranty Deed (2) Special Warranty Deed (3) Quitclaim Deed (4) Life Estate Deed and the (5) Enhanced Life Estate Deed (Lady Bird Deed). Each of these deeds have a diverse range of conveyance, and depending on your objectives, you will want to narrow it down to the one that matches your goals. The types of deeds we see most often are the general warranty deed, the special warranty deed, the quitclaim deed, and the ladybird deed. The different types of deeds exist to account for what the grantor can convey, what the grantor wants to convey, and what warranties the grantor wants to be encompassed within. In this way, a deed is a physical item that you must have after you purchase property. The title is a concept, whereas the book is something physical. You can own a physical copy of a book, but you cannot own a physical copy of the title. One illustration people use to understand this concept is the idea of owning a book. What is the Difference Between a Deed and Title?Ī deed is a physical document that conveys ownership of a property, while a title refers to the concept of ownership rights. That is why there are different types of deeds that can accomplish a variety of objectives. You may need the property to transfer in a specific way. As you may expect, what sounds like a simple transference can become overtly complicated.

In common law, a deed is any legal instrument in writing which passes, affirms, or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. Contrary to popular opinion, the title to the property is not conveyed by the Mortgage in Florida (the Mortgage creates a lien on the property). In Florida, a Deed is required to transfer ownership of a piece of property, regardless of whether that property consists of buildings or vacant land.

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Conveyance of property as a gift