What A Deed Does & Does Not Convey
A deed is the legal instrument that officially conveys an interest in a piece of property from seller to buyer; thus, a real estate transaction is not definitively concluded until the buyer has the deed in their possession. However, what the average real estate buyer may not be aware of immediately is that there are several different types of deeds in Florida law. It is crucial to understand the nature of the deed and exactly what it will convey before agreeing to take possession.
Different Deeds Convey Different Assurances
In theory, a deed may take many different forms, but certain items must be present or the deed will be considered invalid. They include:
- Must be in writing, ‘clearly stating’ the intention to convey a piece of property;
- A clear description of the property being conveyed must be present;
- The buyer and seller must both clearly be identified in writing;
- The document must be signed and notarized; and
- It must have officially been offered to the buyer and accepted.
This is, however, the bare minimum required to create a valid deed in Florida, and it does not convey any guarantees as to the property’s title – that is, it does not promise that there are no irregularities in the chain of ownership. Different deeds make different guarantees, and it is important that the buyer and seller both agree on what is being conveyed before executing any documents.
Buyers Must Protect Themselves
The most commonly used type of deed in residential property transactions is the general warranty deed, which effectively promises that no ‘defects, encumbrances, or claims’ exist that would interfere with the buyer’s enjoyment of the property. However, for cases when a seller cannot guarantee such a thing, they may choose to use a special warranty deed, which guarantees that no defects, encumbrances or claims are present that date from their time owning the property – it does not promise that none existed before the current seller acquired the property.
Quitclaim deeds are the most potentially problematic for a buyer, because they offer no guarantees of any kind. They simply convey the seller’s interest in the property itself – which may not actually exist, if there is a problem with the seller’s ownership or title! If a seller only offers a quitclaim deed for a piece of property, it may signal to a potential buyer that there are problems requiring the help of a knowledgeable attorney.
Call A Tampa Real Estate Attorney
If you are interested in purchasing Florida real estate, it is important to enlist a Tampa real estate attorney to ensure that you are fully aware of the positives and negatives of the property in question. Attorney Alicia Seward and the Seward Law Office are ready and willing to try and assist you. Contact our office today to schedule a consultation.
Source:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0689/Sections/0689.01.html
