Types of Deeds

Let's talk a bit about deeds.

Okay, we decided to buy a property. At closing, we receive a bill of sale from the Teitel company. What does the bill of sale say? We're supposed to take ownership of the property, right? And now our rights to the property are anchored from now, right?

Well, it depends. Depending on what kind of deed the Teitel company prepares (and it depends on the seller's rights to the property). There are two types of sale notes:
1.) Warranty deed
2.) Quitclaim deed
The first deed of sale includes a promise that the seller has rights to the property. This bill ensures that the purchaser has the right to sell the property, and that the asset is not mortgaged or mortgaged.
The second type of sale deed (quitclaim deed) includes little protection or no protection at all to the buyer. Sometimes when a couple divorces, one of the parties gives the other side a bill of sale as part of the divorce arrangement. In any event, as buyers, this is certainly not enough.

There is also a warranty deed that has two types:
1.) General warranty deed
2.) Special warranty deed
The first, general type contains the whole history of rights in the property. Today we hardly ever encounter him.
The second type, the private, refers to the rights of the seller that are transferred to us. That's what we need, and that's what we usually find.

In conclusion:
What kind of bill of sale do you have in the properties you acquired? do not know?! Okay, then:
A.) Go check!
B) On the next purchase, check with the Teitel company that the bill they intend to grant you is a warranty deed. Sometimes it is not explicitly stated but can be understood. Ask them, and if there is any doubt, check with another independent Teitel company.