Prescott Valley Arizona Real Estate Home Buyers Center.

Prescott AZ Real Estate Special Purpose Deeds

April 13th, 2007

General warranty deeds offer the grantor the greatest amount of protection, while the special warranty deed offer the grantee certain guarantees and convenants in regards to the title being transferred, the Bargain and Sale deeds offer very little to no protection for the grantee.

In our final discussion of the different types of deeds used for the transferring of title on Prescott AZ real estate property from one person to another we come to the group of deeds which are used for special circumstances.

Special Purpose Deeds

Special purpose deeds are often the deed of choice by many states to handle frequently occuring transactions. These deeds will usually take the form of either quitclaim or spacial warranty deeds in particular situations.

• Administrator’s Deed - when a person dies without a will (intestate), the court will appoint an administrator to dispose of the deceased’s assests and to reconcile the debts of the estates. This deed will be used to convey title to purchasers of the real property.
• Executor’s Deed - when a person dies with a will (testate), an exxcutor is appointed to dispose of the assets. A grantee will receive this type of deed to convey title to the assets of the estate.
• Sheriff’s deed - when property is sold by court order to satisfy a judgement, this type of deed will be used to transfer the title.
• Guardian’s deed - when a person is found to be legally incompetent, the court will appoint a guardian to administer the assets. When a person is acquiring title from the guardian, they are given this type of deed to convey the title.
• Referee’s deed - when a property is foreclosed upon, this type of deed is used to transfer title.
• Tax deed - when a property is sold for delinquent taxes, this type of deed is used to convey title.
• Deed in trust - is used to establish a land trust.
• Trustee’s deed (deed of reconveyance) - is used to convey the title back out of a trust.
• Trust deed (deed of trust) - is used when a lender requires security for repayment of a real estate loan.
• Release deed (deed of release) - is used when a lender releases the claim they have against the property created by a trust deed.
• Deed in lieu of foreclosure - is used in cases where a borrower is in default on a loan secured by the property. In these cases the borrower may give the lender this type of deed. This is done in exchange for the termination of the loan.
• Gift deed - is used to convey title on real estate that is given as a gift.

Entry Filed under: Prescott Arizona AZ Real Estate Market