1. General Warranty Deed:
a) Most favored by Purchasers.
b) Grantor covenants the following:
1) Grantor has an indefeasible estate in fee simple;
2) Grantor has the right to convey;
3) The premises are free and clear of any encumbrance, with the
exception of those currently of record or specified in the deed; and
4) Grantor will warrant and defend the title against the lawful claims of
all persons, even those originating before Grantor’s ownership.
c) “Grant, Bargain and Sell, Convey and Confirm”.
2. Special Warranty Deed:
a) The Grantor covenants and warrants that the Grantor will defend the Purchaser against the claims by and through the Grantor. Thus the Grantor has no obligation to defend the Purchaser against any claim or demand originating in the time before the Grantor owned the property..
b) “Bargain and Sell, Convey and Confirm”.
3. Quit Claim Deed:
a) The least desirable form of conveyance as far as Purchasers are concerned.
b) No covenants or warranties whatsoever.
c) Merely conveys whatever title, if any, the Grantor may have.
d) Often used as additional deed to correct technical defects in title.
e) “Remise, Release and Forever Quit Claim.”
4. Beneficiary Deed:
a) Section 461.025 of the Missouri Non-Probate Transfers Law now, and
permits almost “will-like” provision to be incorporated in a deed.
b) Thus a grant may be made to a named beneficiary or beneficiaries
stating that the deed is not to take effect until the death of the Owner/Grantor, or the last to die of two or more Owners/Grantors.
c) The grant may be to one Grantee or to multiple Grantees as joint tenants
or tenants in common.
d) The Beneficiary Deed must be recorded prior to the date of death of the
Grantor, or the last to die of two Grantors.
e) Upon recording, the deed is incorporated into the chain of title, however,
it does not take effect until death.
f) The deed may be revoked by a revocation form, unless the original Beneficiary Deed provides that the transfer is to be irrevocable, or by another deed.
5. Trustee’s Deed (Under Foreclosure):
a) Title acquired as a result of the foreclosure of a deed of trust.
b) In order to pass a valid title at the foreclosure sale, the Trustee must
comply with a number of statutory requirements involving publication of notice of the foreclosure and personal notice to all owners of record, those that have recorded a request for notice of foreclosure and to the Internal Revenue Service if there is a federal tax lien recorded.
The above conveyance documents are used in many of today’s transactions. It is important for your customer to understand their meaning. Please feel free to contact us with any questions you have regarding these different types of deeds.
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