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A deed in lieu might make sense for you if: ? You're already behind on your mortgage payments or expect to fall behind in the near future. ? You're facing a long-term financial hardship. ? You're underwater on your mortgage (meaning that your loan balance is higher than the home's value).

There are four types of co-ownership structures recognized under the Virginia law: (1) tenancy in common, (2) joint tenancy, (3) tenancy by entirety, and (4) coparcenary.

Quitclaim deeds lack certain protections and promises found in other types of deed to real property. Because of this, they should only be used under certain circumstances. These include transferring real estate between close family members, for instance, from a parent to a child.

Real estate deeds in Virginia can be in the form of a special warranty deed, deed of trust, quitclaim and release, or other form that is not in contravention of law. A deed may be written with or without covenants of title.

Bottom Line. When you're looking at purchasing a piece of land, there are 5 main types of deeds that you can use: Warranty Deed, Special Warranty Deed, Quitclaim Deed, Bargain and Sale Deed, and a Grant Deed. A Warranty Deed is the best of the best.

Types of Real Estate Deeds In Virginia Real Estate Transactions (Purchasing Real Property) Deeds: ... General Warranty Deed. ... Special Warranty Deed. ... Quitclaim Deed. ... Deed of Trust. ... No Consideration Deed: ... Deed of Gift. ... Transfer on Death Deed.

What Is the Strongest Type of Deed? For real estate buyers, a general warranty deed provides greater protection than any other type of deed. While it's the best deed for the grantee, it gives the grantor the most liability.

In California, the statute of limitations is five years. Any challenge to the quitclaim must be based on either a procedural error or on undo duress.

Today, Californians most often transfer title to real property by a simple written instrument, the grant deed. The word ?grant? is expressly designated by statute as a word of conveyance. (Civil Code Section 1092) A second form of deed is the quitclaim deed.

When a general warranty deed is given, the grantor promises that 1) the grantor will defend and protect the grantee against the rightful claims of third parties to the property (warranty of title), and 2) the property is free of encumbrances (covenant against encumbrances).