DEEDS: In Missouri, there are several different types of deeds that can be used to transfer real estate ownership. Here are the main types of deeds:
Warranty Deed:
- This is the most common type of deed used in real estate transactions.
- It provides the highest level of assurance and protection to the buyer, as the seller guarantees that they have clear title to the property and will defend the title against any claims.
- The seller makes certain warranties and covenants about the title, such as the property being free from encumbrances.
Quitclaim Deed:
- This type of deed transfers the seller's interest in the property to the buyer, without any warranties or guarantees about the title.
- Quitclaim deeds are often used to transfer property between family members or to clear up title issues, but they do not provide the same level of protection as a warranty deed.
Special Warranty Deed:
- This is similar to a warranty deed, but the seller only guarantees the title against claims that arose during the time they owned the property.
- This type of deed is commonly used in commercial real estate transactions.
Trustee's Deed:
- This deed is used to transfer property that is held in a trust, such as a revocable living trust or a testamentary trust.
- The trustee, acting on behalf of the trust, conveys the property to the buyer.
Personal Representative's Deed:
- This deed is used to transfer property from a deceased person's estate to the buyer.
- The personal representative, who is appointed to administer the estate, signs the deed on behalf of the deceased.
Beneficiary Deed:
- This is a type of estate planning tool that allows an individual to transfer real estate to a designated beneficiary upon their death, outside of the probate process.
It's important to note that the specific requirements and legal implications of each type of deed can vary, so it's advisable to consult with a real estate attorney or title company when transferring property in Missouri.