There are several different types of deeds that can be recognized in Nevada. These include a general warranty deed form; a grant, bargain, and sale deed form; and a quitclaim deed form. Each deed type offers different levels of protection to buyers and sellers, so it is important to understand the differences before making a real estate purchase.
General Warranty Deed
The general warranty deed is the most common type of property deed and offers a great deal of protection to a buyer. Every state has a specific form for this type of deed, and the document must be filled out correctly, signed by both parties, and witnessed by a notary public to be valid. The grantor of a general warranty deed guarantees that he or she holds clear, unencumbered legal title to the property and that the property is free of liens or creditors’ claims. In addition, the seller promises that he will defend any claims brought against him for breach of the warranty. General warranty deeds are generally used for property that has been purchased as collateral for a loan. The deeds are usually used for the sale of residential real estate, and they typically include a promise by the seller that there are no encumbrances on the property that would prevent the buyer from getting a mortgage.
Grant Deed
A grant deed is a form of real estate transfer that guarantees the buyer that the property is free from liens or other encumbrances. However, it does not offer any express warranties against encumbrances that may have arisen prior to the grantor’s ownership. It is important to note that a grant deed must be notarized before it can be considered valid. In addition, it should be filed with the county recorder’s office to make it legally binding. A grant deed can be used in various ways, including transferring a piece of real estate to multiple individuals. It also protects the seller and buyer from property claim issues that may arise.
Bargain Deed
A bargain deed is primarily used in connection with real estate foreclosures and tax sales. While a bargain deed provides minimal protections to the buyer, it is still important for potential buyers to understand the terms of this contract. These contracts often include provisions that may place buyers at risk of liability, including payment of property taxes and insurance premiums. In some situations, a bargain deed can be a good option for homeowners who are looking to purchase a foreclosed home. However, buyers should perform a title search and obtain title insurance before making the final decision to purchase. They also need to ensure that any problems with the property’s title will be covered by the contract for deed.
Sale Deed
A sale deed is a form of transfer that identifies property ownership between two parties. They may be used to transfer real estate between family members, friends, or business partners. They are also sometimes used for property that is transferred to a new owner as part of a divorce, tax sale or settlement of an estate. They offer a limited amount of protection to the grantee and provide few guarantees about title. They also generally name any encumbrances that the property may have, such as judgment liens or mechanic’s liens. These claims can cause significant financial impact for the next owner if not cleared up prior to purchase. These claims usually follow the property regardless of who sells it, so buyers should be aware of them before purchasing.
Quitclaim Deed
Quitclaim deeds are one of the two primary types of deeds used for transferring property titles from one person to another. They prioritize speed and simplicity, but they do not offer any warranties that the title is free of issues. In addition, quitclaim deeds do not remove any existing financial obligations, such as debts or mortgages, and they do not change the legal name of a grantee. They are often used in non-sale transfers, including gifts to family members, to help establish a living trust, or to clarify ownership of inherited properties.