A property deed is a legal document that transfers ownership of a property to another person, explains FindLaw. It contains information about the real estate, the names of the old and new owners, and the signature of the individual transferring the property.
A warranty deed is a type of property deed that transfers ownership and includes additional assurances, states FindLaw. For example, the deed may state that the original owner has good title, meaning the real estate does not have any liens or claims of ownership. The old owner must pay a certain amount to the buyer if the statements are untruthful.
Another type of property deed is the grant deed, which transfers ownership and typically states that the real estate has not yet been transferred to another person, says FindLaw. A quitclaim deed is often beneficial in cases where the transferring party is not completely certain of his rights to a property. The deed transfers any possible ownership rights of an individual to a new owner.
Most states require notarization and filing of property deeds, notes FindLaw. Some states also require witnessing. After having a notary notarize and witness the signature, the transferring party must file the deed with a local land records office, also known as register of deeds, land registry or county recorder.