Types of Deeds
In today’s post, we’ll be discussing some of the different types of deeds that you may encounter when selling your property interests in Oklahoma. Once a deed has been executed and notarized, it will be filed with the County Clerk in the County where the property interest is located.
Warranty Deed
If a Warranty Deed is used to convey an interest in real property, the party selling their interest (called the “Grantor”) makes certain implied warranties, or guarantees, to the party acquiring the interest (called the “Grantee”). In Oklahoma, these warranties do not have to be explicitly stated but will instead be incorporated into the conveyance when the phrase “and warrant title to the same” is used in the deed. The Grantor guarantees that there are no hidden encumbrances against the property, like an easement or a mortgage, that have not already been disclosed to the Grantee. The Grantor also guarantees that as the owner of the property, he possesses title to it and has full authority to sell it to the Grantee. The Grantor further guarantees that he will defend title to the property against any additional claims to it. This guarantee to defend title is important, because if the Grantee discovers title issue impacting their ownership, they can seek recourse by making a claim against the Grantor.
Quitclaim Deed
When a Quitclaim Deed is used to convey an interest in real property, the Grantor makes no implied warranties to the Grantee. A Quitclaim Deed is used only to transfer property from the Grantor to the Grantee. The Grantor does not guarantee his ownership in the property or that he possesses the authority to sell it, nor does the Grantor guarantee against hidden encumbrances. The Grantor also does not guarantee that he will defend the property against additional claims, meaning that the Grantee has no recourse against the Grantor if an issue to title is discovered. While Quitclaim Deeds are sufficient to convey title to property in Oklahoma, these deeds are not always recognized in other states.
Mineral Deed
Mineral interests are oftentimes severed from the surface estate, meaning that ownership to the mineral rights under a tract of land may be different than the ownership to the surface rights. A Mineral Deed can be used when the Grantor wants to convey their mineral interest to the Grantee. Note, however, that a Mineral Deed is not required to convey a mineral interest—a Warranty Deed or a Quitclaim Deed can be used to convey a mineral interest as well. Mineral Deeds contain special language that describe the mineral interest. The Grantor can choose to warrant title to the mineral interest by using the phrase “and warranty title to the same” as found in a Warranty Deed, or the Grantor may choose to make no warranty to title as in a Quitclaim Deed.
Click HERE to learn more about mineral rights.