Three types of deeds are used to transfer real property
General Warranty Deed
The “General Warranty Deed” conveys real property from the ( grantor ) to the ( grantee ) in which the grantor guarantees clear title and holds the legal right to sell.
The key part is that the “guarantee” is not limited to the time the grantor has owned the property, but, extends back to the property’s origins.
Special Warranty Deed
This type of deed conveys the property with only two warranties:
- The first warrants that the grantor has received title to the property.
- The second warrants that unless noted specifically in the deed, the property has not been encumbered during the time of the grantor’s ownership.
The grantor only warrants the title against their own actions or omissions. They do not warrant anything prior to their ownership period.
However, other warranties can be conveyed if it is specifically stated in the deed. Special warranty deeds are often used by executors and trustees.
The quitclaim deed does not contain any warranties of title. This type of deed only conveys the grantor’s interest (if any) in the property.
The grantor does not warrant or guarantee anything. This notion has and probably will again open the door to any unscrupulous person that has the idea to convey ownership of the Brooklyn Bridge to some poor soul.