A deed can transfer property to new owners, by gift, or by payment. Deeds have express & implied warranties, to ensure that a) the property has not already been transferred to someone else (A fraudulent situation where a seller is trying to collect payment on a title from 2 or more buyers) & b) if the property is free from any encumbrances. A special warranty deed only warrants things that occurred during their physical ownership; therefore, it does not guarantee against defects in title during or before they took possession of the property.
A deed establishes legal & equitable title, & ownership to a property. It represents the obligations owed to the buyer by the seller.

The transfer on death deed allows you to transfer real estate to someone else after you die. Without a will or a TODD, your heirs must go through probate court to adhere to the law to inherit your property. There are many upsides to doing a TODD, the main reason is that you are taking care of all the costs prior to your passing, so your heirs are not paying court fees & attorney costs after you pass.

The transfer on death deed is ideal because you can cancel & rename your beneficiary at any time. While you also still retain the rights to your property & can use it for collateral on a loan for example, or if you decided to sell. TODD’s are mostly used name s beneficiary such as a family member or a spouse, granting the property to the surviving spouse if you pass.

A correction deed is somewhat self-explanatory: it is a deed that serves to correct & negate a mistake made between parties that have contracted an original deed agreement. The mistake can encompass minor things such as the misspelling of a name, or major terms such as the price of the land. In any situation, if both parties decide a correction is needed, then a simple correction deed should be constructed. It is usually one correction & the rest of the deed is valid except that one thing. It is not normally 4-5 different changes to the deed.

A warranty deed is an agreement of ownership of a property. It is a guarantee the property is free & clear in title. A warranty deed with a vendor’s lien is a warranty deed with an encumbrance on the property (Lien) as a security for an unpaid debt of ownership. It is a form of security to the original owner. It is a type of assurance that the debt will be paid, or the lender can take legal action to reclaim rights to the property, & get the property back.
This type of lien, when paid; there is a release of lien & the warranty deed is still intact.
It is a two-part process, a warranty deed, & the vendors lien.

Gift Deeds were created so somebody could give real estate or property to someone else, & it be valid & legal, with no consideration or money given in exchange. Usually this is a charitable donation or a transfer of property between family members. When someone wants to gift you a home, many people decline the offer. Where with a gift deed, it eliminates excuses to receive it.
A gift deed requires a clear chain of title, which can be purchased by some of our local vendors. The gift deed must also list any restrictions of the property. When a gift deed is received it has to be signed by two witnesses. The gift deed must also meet the requires ensuring the receipt that the gift deed took place. We will give you a list of requirements so we can plan the steps required in the process.

Quitclaim deed is a type of deed that offers no warranty to the status of the property title. It is no guarantee that the deed is valid, or that ownership was allowed to be given to the new title holder. We recommend not using quitclaim deeds & we do not offer them at our law practice, mainly because we have found title companies do not allow & will not accept quitclaim deeds in any circumstance.
So, if you are planning on selling your home 20 years after a quitclaim deed took place, you might have to redo the entire contract under a special warranty deed. Which means that if the person you purchased it from has passed, it can be complicated & unnecessary.