Quitclaim Deed: a quitclaim deed, also referred to as a quit claim deed, quick-claim or quick deed operates as a release, to transfer or quit any title, interest, or claim which the seller, called the grantor, may have in the property, while providing no guarantee the grantor has a valid interest in or title to the property.
Warranty Deed: A warranty deed is a deed to real property which guarantees that the seller owns clear title which can be transferred (conveyed). In general, warranty deeds convey property with the following covenants or warranties:
1. Covenant of seisin (possession) - the grantor warrants that they have clear title to the property and the legal right to convey it.
2. Covenant against encumbrances - the grantor warrants that the property is free of encumbrances apart from those of record or disclosed to the buyer.
3. Covenant of quiet enjoyment - the grantor guarantees that the title is free of any defects and that grantor will defend the title against claims from any and all persons.
4. Covenant of further assurance - the grantor promises to deliver any document or instrument necessary to perfect the title (make the title good).
Special / Limited Warranty / Grant Deed: similar to a warranty deed but as the name implies, the warranties are limited. This deed will ccover only the time period since the current owner took title to the property and thus will not protect the buyer from defects of title occuring prior to the seller's ownership. A Special / Limited Warranty Deed will generally include the warranties of a Warranty Deed with the following exceptions:
1.There is no guarantee against encumbrances that may have been present when the grantor received the property.
2. There is no guarantee against title defects that may have been present when the grantor received the property, nor does it obligate the grantor to do anything further once the title is transferred.
Trust Deed / Mortgage Deed: often referred to as a DOT (deed of trust), offers a lender security for a mortgage. It allows the borrower to transfer good and lawful title to the real estate to the trustee in exchange for the borrower repaying the mortgage.