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There are all sorts of deeds when it comes to real estate, and each has a different type of purpose. While certain deeds may be limited to different states for reasons, I’m going to list out the different types for Kentucky and Ohio.
General Warranty Deed - This deed is considered the best for the grantee because it offers the most legal protection. The grantor makes promises about the property, including that there are no prior claims. This is the most common deed used, and in residential transactions, most lenders will require this type of deed as a loan condition. Used in Kentucky and Ohio.
Special Warranty Deed – This deed offers the grantee more limited protection than a general warranty deed. The grantor promises that they have not created any issues, liens, or other defects on the title while they owned it. This would be a common type of deed used when a bank forecloses on a home because the previous owner did not pay their mortgage. Used in Kentucky.
Quit Claim Deed - This is the type of deed to transfer a property in a non-sale situation, such as a transfer between family members or if you are taking it from your name to an LLC. You created or some other entity for asset protection. There are no assurances that the grantor has an ownership interest in the property, it merely states that IF THE GRANTOR DOES, then they release those ownership rights. Used in Kentucky and Ohio.
Special Purpose Deed - These deeds are used in court proceedings or allow those acting in an official capacity to make property transfers without incurring personal liability. Someone who is an executor of an estate may use one of these or a special warranty deed when selling a property from an estate. Used in Kentucky and Ohio
Transfer on Death Deed – These are deeds that can be used in Ohio and allow property owners in Ohio, as well as certain other states, to pass real estate directly to a designated beneficiary upon their death. This is an estate planning tool that can help you avoid probate court and save money and time. Always consult your estate planning experts before utilizing a tool like this to make sure it’s the right fit for your needs.
Master Deed - This deed is used when a condominium owner must file with a local government agency when a property is being divided into condo units. These are used in most states.
Fiduciary Deed - This is used when an owner of a property can’t sign a deed for legal or other reasons. Commonly used when there is an estate being settled but can be used in other circumstances. They are also known as Trustee's deeds and are used in Ohio and Kentucky as well as several other states.
Survivorship deed – This deed transfers real estate ownership to two or more people as joint tenants. When one of the owners dies, the surviving owners automatically inherit the deceased owner’s share of the property without going through probate. They are used in both Kentucky and Ohio, as well as several other states.