Deed definitions

Below is a list of references to common conveyances of interest in real property. An attorney should be consulted for determination of how best to utilize these instruments and how they may affect any ownership rights. Some common conveyances of an interest in real property include but are not limited to:

Quit Claim Deed
It provides the least protection for the buyer. Its uses are very limited. Quit clam deeds operates, in effect, as a release of whatever interest the grantor has or may have in the property. Grantors of quit clam deeds do not warrant title or possession; they only pass whatever interest they my have, if in fact any exists. If the seller offers this type of deed, buyers should understand that a quitclaim offers them the least protection of any deed type.

Special Warranty Deed
It does not provide as much protection for the buyer as does the general warranty deed. The grantor provides fewer warranties.  It’s a deed that warrants back only to the current Grantor and not further back to prior owners. S.W.D deed type offers the buyer two guarantees from the seller. The first guarantee is that the seller received title and the second one guarantees that the seller did not encumber/cause liens (anything that lowers the value, use or enjoyment) the property during the time the seller owned the property.

Warranty Deed
The General Warranty Deed provides the highest level of protection for the buyer. There are significant covenants or warranties conveyed by the grantor to the buyer/grantee. Warranty Deed in which the grantor warrants the title against defects arising before and during the time the grantor owned the land. This type of deed ensures the grantee (buyer) the greatest protection.

Deed in Trust
Is property being conveyed into a trust, either a land trust or a living trust.

Trustee’s Deed
Is property being conveyed out of a trust.

Executor’s Deed
By the Executor under a will, involves the legal proceeding by which the affairs of the deceased are resolved and the estate are distributed (i.e. Probate).

Administrator’s Deed
By the Administrator, usually there is no Will, involves the legal proceeding by which the affairs of the deceased are resolved and the estate are distributed (i.e. Probate).

Judge’s Deed
Is the result of a lawsuit wherein the Judge signs for a party unwilling to/unable to sign a deed and is part of a judge’s decision in a case.

Judicial Sale Deed
Is the result of a lawsuit wherein the Judge has issued a “levy” for the sale of property to satisfy a judge’s decision, most often in a foreclosure case.

Marshall’s Deed/US Marshall’s Deed(federal)
Is the result of a lawsuit wherein the Judge has issued a “levy” for the sale of property to satisfy a judge’s decision, most often in a Federal foreclosure case.

Sheriff’s Deed
Is the result of a lawsuit wherein the Judge has issued a “levy” for the sale of property to satisfy a judge’s decision, most often in a foreclosure case.

Selling Officer’s Deed
Is the result of a lawsuit wherein the Judge has issued a “levy” for the sale of property to satisfy the Judgment and a ‘selling officer’ is appointed.

Tax Deed
Is the transfer of ownership acquired by auction to tax bidders through a sale of property for non-payment of property taxes. The sale is then followed by the successful bidder’s court application for Tax Deed.

Deed in Lieu of Foreclosure
Is a Deed by property owner to avoid a foreclosure. It’s a deed given to the lender who threatens to file, or filed a foreclosure suit. The owner turns the property over to the lender (who is naturally a secured creditor).

Assignment of Beneficial Interest in a Land Trust
Transfers of the beneficial interest in property under a land trust, does not change title to the property however which remains in the name of the Trust.

Leasehold interest in a Co-op building
Ownership in Co-op buildings are transferred through shares of stock in the Co-operative, as well as a leasehold interest in the ‘unit’ the person usually lives in. Leases (Leaseholds) create beneficial title to real estate and are handled as ownership transfers.

Ground Lease for a Term of years (in Chicago)
Leases (Leasehold) also create beneficial title to real estate and are handled as ownership transfers and are often taxable transfers.

Commissioner’s Deed
A Commissioner’s sale is done as a result of a court order for one specific circumstance, and the court appointed Commissioner’s deed has the force of a Warranty Deed.

Corrective Deed
Deeds which correct prior typos or errors when the customer is not or cannot simply do a re-recording because that type of re-recording correction is not allowed (like changing or substituting legal descriptions or names) often use Paragraph D

Cemetery Deed
Deeds to a cemetery plot.

Deed of Partition
Deeds which divide a property into two halves. This usually arises from a court proceeding.

Life Estate Deed
Deed which grants a life estate, a right to possess an interest in property during one’s lifetime.

Deed (Entirety)
A form of ownership by husband and wife whereby each owns the entire property. In the event of death of one, the survivor owns the property without probate.

Deed (Joint Tenancy)
An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Right of Survivorship is the right of a survivor of a deceased person to the property of said deceased. A distinguishing characteristic of a joint tenancy relationship.

Deed (Tenant in Common)
An undivided ownership in real estate by two or more persons. The interests need not be equal, and in the event of the death of one of the owners, no right of survivorship in the other owners exists. Ownership transfers in accordance with probate.