Drafting Real Estate Deeds
Deeds are legal documents used to transfer titles in real estate. There are various types of deeds used for different purposes:
General Warranty Deed—A general warranty deed is used to ensure that property being sold belongs to the person selling it and that there are no hidden liens or holds on the property; the buyer, obtains ownership of the property and can hold the seller legally responsible should there be any breach of warranty. For most people, the general warranty deed is the best way to transfer property since you can ensure ownership.
Beneficiary Deed—A beneficiary deed is a way to transfer property to another person upon death of the property owner; the property owner still maintains the right to live on the property and use or change the property for the duration of his or her life without the approval of the beneficiary. Beneficiary deeds allow for a smooth transfer of property after death as the property does not need to go through probate.
Grant Deed—A grant deed transfers property to another person while promising that the owner has not already given the property to another person.
Quit Claim Deed—A quit claim deed allows someone to transfers ownership interest they have in a property to another person; it does not guarantee that the grantor (person giving away interest) has ownership or any interest in the property being sold.
Special Warranty Deeds—A special warranty deed conveys ownership; it is similar to a quit claim deed, but guarantees that the grantor does, in fact, own the property being sold or transferred.
Any time you need to change the name on a property title, want to give property as a gift or include property in a living trust, a new deed must be drafted. Our New Mexico estate planning lawyers can help you better understand the differences between these deeds and help you draft the real estate deed that is best for your circumstances.
Contact our New Mexico estate planning lawyers today to learn how you can effectively use a real estate deed as part of your estate planning. We proudly serve clients in Albuquerque, Farmington, Las Cruces, Roswell or Santa Fe!