What are the Different Types of Deeds in Florida?

As in all states, Florida law requires a deed to transfer ownership of a property, including vacant land as well as buildings and structures. Generally speaking, there are five different types of deeds in Florida law, and each serves a different purpose. Below, our Tampa deeds lawyer outlines what these are as well as their uses.

Warranty Deeds 

Warranty Deeds, also called General Warranty Deeds, are the most common type of deed used to transfer residential property. These deeds extend throughout the chain of title, including the time before the grantor owned the property. Warranty Deeds are an important part of closing in residential sales, and they are considered a top tier deed to show ownership of a property.

Special Warranty Deeds 

Special Warranty Deeds transfer limited warranty of title to a purchaser in a real estate transaction. These deeds guarantee that there are no defects or issues with the title during the time the seller owned the property. However, they make no guarantee about the condition of the title prior to the time the seller took ownership. Special Warranty Deeds are unusual in residential transfers of property but they are more common in commercial transactions. Special Warranty Deeds are considered mid-tier deeds, second to warranty deeds.

Quitclaim Deeds 

Quitclaim Deeds transfer ownership in real estate to a new owner, but they do not provide any warranty regarding defects or issues with the title. Quitclaim Deeds are considered the least desirable type of deed because once ownership is transferred, the new owner has no recourse if there are issues with the property. Owners use these to transfer property that would not otherwise qualify for title insurance or conditional financing. These deeds are most commonly used to transfer property among family members, an individual to a trust, or an individual to an LLC.

Life Estate Deeds 

Life Estate Deeds transfer an ownership interest in a property to another person but reserves possession of the property to for owner to use the property throughout their lifetime. These deeds are useful because they can help the new owners avoid the probate process after the current owner passes away. Once signed, the former owner, now life tenant, does not technically own the property and so, they must obtain the new owner’s, the remainderman, permission before doing anything to the property, such as selling it.

Ladybird Deeds 

Also known as Enhanced Life Estate Deeds, Ladybird Deeds are a special type of life estate deed. Like regular life estate deeds, Ladybird Deeds allow the transfer of a future ownership interest in a property to another person which allow the property to pass to the remainderman without the need for probate after the current owner passes away. However, unlike a traditional Life Estate Deed, the original owner retains ownership of the property and has complete control over it during their lifetime including but not limited to divesting the remainderman’s interest in the property.

Call Our Deeds Lawyer in Tampa for Help Today 

There are many different types of deeds in Florida and the above list outlines just a few of them. At Messina Law Group, P.A., our Tampa deeds lawyer can help you determine which one is right for you and prepare it for you so your real estate transaction proceeds as smoothly as possible. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get more information.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0689/0689.html