Different Types Of Florida Real Estate Deeds
When one is looking to conclude a real estate transaction in Florida – whether buying or selling – one should be familiar with the different types of deeds that are used in the state, as one type may be better suited for your purposes than others. An ability to understand and appraise a proposed deed may be the difference between a closed deal and a process beset with delays and misunderstandings; while it is recommended to hire an experienced attorney to help guide you through the transaction process, it is always a good idea to be prepared with the knowledge you need.
Four Different Types Are Used
Technically, six types of real estate deeds exist in Florida, but four are more commonly used than the other two. The majority of real estate transactions in the state involve what is known as a general warranty deed, which conveys what is known as title in fee simple. “Fee simple” is a term of art that means that the owner has absolute title. People who convey title in fee simple to their land or homes to someone else are essentially telling that person that they own the land or the home in question absolutely, with no potential contests to their ownership on the horizon.
The general warranty deed is also notable because it is the type of deed that includes not only the title itself, but also “covenants” that are basically guarantees made by the seller to the buyer – they include the covenant of quiet enjoyment (a promise that the new owners will not be disturbed by any future challenge to their title), the covenant against encumbrances (a promise that the property is free and clear of any potential problems), and others. These covenants are serious; if one or more are broken, the buyer may be able to file a claim against the seller.
Who Is Responsible For Defects?
The other types of deeds are the special warranty deed (where the five covenants are more circumscribed than they are in a general warranty deed), the fee simple deed (which only conveys the title, with no covenants of any kind), and the quit claim deed. A quit claim deed is different from all the other types, in that it does not actually convey any kind of ownership interest. Rather, it is a deed that states that if the grantor (the one executing the deed) has any interest in the property, they convey it to the grantee (the receiver of the deed).
Quit claim deeds are also unique in that with the other types of deed, there is an inherent understanding that the seller/grantor will bear some responsibility for any title defects or issues; this is not true in a quit claim deed. A person who conveys a quit claim deed is essentially “giving up” or “quitting” on any claim they may have to the property in question, but the deed offers no guarantees that their interest in the property is enough for you to assert ownership, or that the interest will not be problematic.
Contact A Tampa Real Estate Attorney
Real estate purchases and other transactions can be complex endeavors, and ensuring that you have the right deed means yours will get off on the right foot. Attorney Alicia Seward and the Seward Law Office have experience in Florida’s real estate market, and can help make sure your deed is exactly what it needs to be. Contact our Tampa real estate attorney offices today at 813-252-6789 to schedule a consultation.