In the state of Nevada, property ownership as it relates to real estate requires a deed signed by a person of legal age to indicate ownership or signed by said person’s attorney or an authorized agent. Deed transfers in NV allow you to transfer ownership of a property to another person or entity, including water rights or after-acquired title, provided the deed does not specifically limit the transfer of such rights. Before transferring a deed, knowing what deeds can be transferred in NV is important.
The Types of Deeds in Nevada
The state of Nevada recognizes these types of deeds as it relates to the transfer of property or real estate. These are a general warranty deed form, a grant barging and sale deed form, and a quitclaim deed form. Here is a brief overview of each deed type.
- General Warranty Deed Form: Also commonly called a warranty deed, these types of deeds convey real estate with a complete warranty of title. When transferring this type of deed, you guarantee the transfer is of a good marketable title of an estate free of adverse claims and leans. If you are purchasing such a deed, you have legal options (such as lawsuits) if there are problems with the title. Broadly speaking, these types of deeds are rare in Nevada.
- Grant Barging and Sale Deed Form: This type of deed is the most common type used to transfer real estate in the state of Nevada. When transferring such a deed, two broad promises are made to the buyer. The first is that the current property owner has not conveyed the property or any interest in it to another person before the transfer to the new owner. Second, there are no problems with the title that have occurred while the real estate was owned by the current deed holder. Any unknown issues with the property are considered a shared risk between both seller and buyer.
- Quitclaim Deed Form: This type of deed transfers interest in real estate or property to a new owner with no promises made. The current deed holder makes no claims that the title is valid or free of any liens. The buyer undertakes all risk in such a transfer. In such a case, title insurance is advisable for one or both parties.
Final Thoughts
When acquiring real estate, you must know what type of deed you are acquiring. As the above shows, each type of deed is different and carries certain rights and expectations. Proper research ensures you are not surprised during the selling and buying process.