Buying a new home is a big event for people living in Florida. It can be a very exciting time as they start a new adventure. This is true whether they are buying their first home, moving into a bigger home as their family grows or perhaps downsizing after they no longer need the space. It can also be a very nerve-racking time as well as it is a major purchase and there are things that can go wrong along the way.
People can put a lot of time into researching homes, neighborhoods and other aspects of buying a home, but they tend to focus on the house itself and whether it has the features that they are looking for within the price range they can afford. However, there are many other aspects of a real estate purchase that people should be aware of prior to purchasing the home. One of those things is ensuring they receive the proper type of deed to the property.
There are different types of deeds and each one will transfer the title to the new owner, but different deeds provide different guarantees. One is a general warranty deed. This type of deed is in many instances the preferred type of deed for people purchasing a new home. This deed guarantees that the title to the property is good, there are no liens on the property and that no one else has a right to possess the property.
Other types of deeds include a limited warranty deed that will only guarantee certain things that occurred while the previous owner owned it as opposed to the entire existence of the property. There is also a quit claim deed, which provides no warranties at all and people are taking the property as is whether the title is good or not. People may also receive a sheriff’s deed if the home is purchased as a foreclosure.
Deeds are required to transfer property in Florida, but there are different types. It is important that people understand the type of deed they are receiving because it can affect their ownership of the property. Consulting with experienced attorneys prior to a purchase could be beneficial.