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A deed is written proof that someone owns a property, and it is used to transfer ownership of a property from the current owner (the grantor or seller) to a new owner (the grantee or buyer). The Pennsylvania Association of Realtors states, “Arguably, the most important document in a real estate transaction is the deed.”

 

In PA, all deeds must include the following:

·      Name of the grantor

·      Name of the grantee

·      A legal description of the property

·      Signature of the grantor

 

There are three types of deeds in PA that differ based on the type of promises the grantor is making to the grantee, such as:

1. The validity of the grantor’s ownership

2. The grantor’s ability to sell the property

3. Promises that there are no liens, easements, etc.

 

In PA,, the types of Deeds are:

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General Warranty Deed

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A general warranty deed provides the highest level of protection to the grantee. It ensures that the grantor holds a clear title to the property, has no outstanding mortgages, debts, liens, or encumbrances on the property now and from all previous owners of the property, and that there will be no future claim on the title of the property. 

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Special Warranty Deed

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A special warranty deed only promises such warranty during the period the grantor owned the property.  Most lenders will require a warranty deed before granting any financing for the property.  This type of deed states that the real estate did not incur liens or other title issues during the grantor's time of ownership.

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Quitclaim Deed

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A Quitclaim deed provides the lowest level of protection to the grantee. It only transfers an ownership interest from the grantor to the grantee. It does not guarantee that the property is without outstanding mortgages, debts, liens, or encumbrances. This type of deed is most often used in non-sale transactions, such as transfers between spouses or to children. 

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It is best that you consult with a knowledgeable real estate broker to determine what type of deed is best for you.   Make sure that your designee's are listed on the deed to avoid a tangled title on a property.  If you live with someone and their name is not on the deed, and you do not have them listed as a grantee on the deed, they could be forced to leave the property.

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By Jason Torrents