![]() Tenants in Common – Spouses are allowed to sell their ownership interest without the approval of the other. Joint Tenants (Rights of Survivorship) – If one of the spouses becomes deceased, the other spouse obtains their ownership interest in the property. There are three types of ownership interest in property: Transfer on Death Deed – Allows a grantor to designate a specific beneficiary to receive real estate property upon death, bypassing the probate process. Less commonly used but useful in some cases. ![]() Special Warranty Deed – Guarantees the rights to the title from the grantor’s time of ownership but not from any prior owners. There is no guarantee given by the grantor that there aren’t any defects to the title of the property. Quit Claim Deed – Commonly used when the grantor transfers property for business, divorce, litigation, or between family without a financial exchange. By Type (4) General Warranty Deed – Guarantees that the grantor has the full authority, also known as “fee simple,” to transfer the title to the grantee. Transferring the property may incur transfer taxes, which must be paid at the recording time. After completing the deed, it is recorded in the local registry of deeds. A deed conveys the ownership of property from a seller (“grantor”) to a buyer (“grantee”). ![]()
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