1.
Warranty deed — highest level of protection – grantor guarantees title and his right to transfer.
2.
Special warranty deed — (bargain and sale deed) guarantees no problems with title only for the period owned by the grantor.
3.
Quitclaim deed — grantor transfers only what title he has, if any. There are no warranties or guarantees on the title.
4.
Requirements for a valid deed —
a. must be in writing;
b. must be signed by the grantor;
c. must include a description of the land.
5.
Recording statutes —
a. Recording the deed is not required to pass title to land, but protects the grantee/transferee from possible loss of title.
b. There are three types of recording statutes that determine priority as to who owns land.
i. Race – First person to record the deed holds title to the land and takes possession clear of any subsequently recorded liens or transfers.
ii. Notice – The last BFP (a buyer who does not know of any problems with the land) to take title from the grantor holds the actual title.
iii. Race/notice or notice/race – The first BFP to record the deed takes title.
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