There are several different types of real estate deeds, including general warranty deeds, limited warranty deeds and quitclaim deeds. Land contracts typically set forth the type of deed used to convey the property. The difference between deeds lies in the degree to which a seller guarantees the property's title. General Warranty Deeds. General warranty deeds are the most common type of non-commercial real estate deed. A seller conveying a general warranty deed makes certain promises (known as covenants) to the buyer regarding the property's title. A seller typically guarantees that the property is unencumbered by any easements or servitudes not previously mentioned, and that no other person has a legal right to claim the property. If the buyer later discovers an undisclosed encumbrance, or is forced to defend the property's title, the buyer may sue the seller. A buyer may pursue a claim against a seller regardless of how many years have passed since the transaction. |