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Three basic forms of deed are commonly used in Texas:
1. QUITCLAIM
The quitclaim deed conveys whatever interest the Grantor has in the property as of the date of the deed without any warranties of any kind. It conveys the property "as is".
2. WARRANTY
The warranty (or general warranty) deed conveys whatever interest the Grantor has, with the Grantor warranting good title to the Grantee, regardless of the origin of the claim against good title.
3. LIMITED WARRANTY
The limited warranty deed (also called a "special warranty" deed) conveys the Grantor's interest in the property as of the date of the deed, with the Grantor warranting good title to the Grantee only to the extent that any claim against good title arose during the Grantor's ownership of the property.
WHO TAKES TITLE?
Different people may be named as the "Grantee" of property, including one or more than one individual. REALTORS® cannot advise a customer of client on how to take title since numerous considerations weigh into the decision, including potential liability of one spouse, estate planning concerns, particular family circumstances, etc.
Two types of tenancies may be created when two or more individuals are named grantees:
- TENANCY IN COMMON
In this case, each individual owns an undivided interest in the property with the same right of possession. All tenants in common share ownership in equal parts.
2. JOINT TENANCY WITH RIGHT OF SURVIVORSHIP
Upon the death of any joint tenant, his or her interest vests in the surviving joint tenant(s).
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