Why are there different types of deeds?

Here is a general list of different type of Deeds:

            General Warranty Deed-A general warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to you. The guarantee is not limited to the time the grantor owned the property—it extends back to the property's origins.

            Limited Warranty Deed-deed that only warrants the title for the limited time in which the seller owned the property. In other words, a Limited Warranty Deed is a deed in which the property transferred is warranted to be free of all liens and encumbrances made by or through the Grantor, but not otherwise. If you are selling property you should try to only provide a Limited Warranty Deed to limit your potential liability.

            Quit Claim Deed-Quitclaim deeds transfer or "quit" any interest in real property. The grantor may not be in title at all, so the grantee cannot assume that the grantor has any real interest to convey. Commonly used in divorce settlements and to clear up encroachments etc.

Security Deed - This deed is used, rather than a mortgage, to give a lender a security interest in the property. A security deed, as opposed to a mere mortgage, passes legal title to the land while reserving unto the debtor the equitable title to use and enjoy the conveyed land subject to compliance with debt obligations.

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