Different kinds of deeds

Question 1

The format of statutory deeds is defined by ___ law

Answer 1

state law

Question 2

Florida law provides for a ___ form of deed

Answer 2

short form

Question 3

What are the 4 types of statutory deeds?

Answer 3

• quitclaim deed
• bargain & sale deed
• special warranty deed
• general warranty deed

Question 4

When is a quitclaim deed issued?

Answer 4

• To cure title defects (clouds of title)
• Examples of clouds on title: errors in old deeds, unsatisfied liens/mortgages, boundary disputes, claims by unknown heirs, lis pendens

• curing title defects means fixing legal problems with a property’s ownership history
• errors on old deeds - mistakes in names, missing signatures
• unsatisfied liens/mortages (maybe they were paid off but the records don’t reflect it)
  boundary disputes (between neighbours)
  lis pendens (pending lawsuit)

Question 5

What warranties or guarantees are made by the grantor in a quitclaim deed?

Answer 5

none

Question 6

What is the covenant of seisin?

Answer 6

A promise made by the seller (grantor) to the buyer (grantee) in a deed that the seller owns the property and has the legal right to transfer it

Question 7

What is a bargain and sale deed?

Answer 7

Contains the covenant of seisin (statement of ownership)

Question 8

Does the bargain & sale deed warrant to defend future title?

Answer 8

no

Question 9

What is a special warranty deed used for?

Answer 9

Lenders use this for foreclosed properties

Question 10

What is a special warranty deed?

Answer 10

The grantor (lender) only assumes title responsibility for the period that the property was owned by the grantor (lender)

Question 11

What is a general warranty deed?

Answer 11

Most comprehensive & common type of deed; provides the greatest protection to the buyer

Question 12

Does a general warranty deed have a covenant of seisin?

Answer 12

yes

Question 13

What covenants does a general warranty deed have?

Answer 13

• covenant of seisin
• covenant against encumbrances
• further assurance
• quiet enjoyment
• warranty forever

Question 14

What is a personal representative deed?

Answer 14

Used to settle the estate of deceased

Question 15

What is the guardian’s deed?

Answer 15

Act on behalf of minor

Question 16

What is the committee’s deed?

Answer 16

Used when the grantor is incompetent

Question 17

What is a tax deed?

Answer 17

Conveyance of property sold for nonpayment of taxes