A deed is the legal document used to transfer an ownership interest in Nevada real estate from one party to another, making it a critical part of any real estate transfer. Nevada recognizes several types of deeds, and the type of deed used can affect both the interest being transferred and the assurances the person transferring the property provides regarding title. Understanding these differences is important when selecting the appropriate deed for a particular transaction.
At Assent Law, we provide flat-fee legal services that give our clients access to the legal documents they need at an affordable and predictable price. Keep reading to learn about the different types of deeds commonly used in Nevada and the legal requirements for transferring real estate by deed
Why the Type of Deed Matters in Nevada
The type of deed used for a Nevada real estate transfer can have important legal consequences. Although each deed serves the basic purpose of transferring an interest in real property, different types of deeds provide different levels of assurance regarding the grantor’s ownership of the property and the status of title
For example, depending on the deed selected, the grantor may provide certain assurances regarding prior transfers or existing liens and encumbrances, or may transfer only whatever interest the grantor presently holds without providing assurances regarding title. The appropriate deed, therefore, depends on the nature of the transaction, the relationship between the parties, and the protections the parties intend to provide as part of the transfer
Types of Deeds Used For Nevada Real Estate Transfers
Now that you know why you need to choose the right type of deed for real estate transfers in Nevada, what are your options? The following are the most common types of deeds used to transfer real estate in Nevada
- Grant, bargain, and sale deeds: A grant, bargain, and sale deed is the most common type of deed used in Nevada for bona fide sales of real estate. Unless the deed provides otherwise, the grantor provides two basic assurances: (1) the grantor has not previously conveyed the same interest in the property to another person; and (2) the property is free from liens or other encumbrances created or suffered by the grantor. These assurances are more limited than the warranties provided by a general warranty deed.Grant, bargain, and sale deeds also commonly identify exceptions to these assurances, such as existing liens and encumbrances of record and real property taxes that are not yet delinquent. In practical terms, receiving a grant, bargain, and sale deed does not necessarily mean that the property is free and clear of all liens, easements, or other title matters. A buyer should separately review the title report and title insurance policy to understand what matters affect the property and which of those matters will remain after the sale.
- Quitclaim deeds: A quitclaim deed transfers whatever right, title, or interest the grantor has in the property without providing any warranties or assurances regarding ownership or the condition of title. In other words, the grantor does not promise that the grantor has good title to the property or that the property is free from liens, encumbrances, or competing ownership claims.Because a quitclaim deed provides no assurances regarding title, it is commonly used when the parties already understand the ownership and title to the property and do not need the protections typically associated with a sale to an unrelated buyer. Common examples include transfers between spouses or family members, transfers involving related business entities or partners, and transfers made as part of an ownership or estate-planning arrangement.
- Warranty deeds: A warranty deed provides broader title protections than a grant, bargain, and sale deed. The grantor generally warrants that the grantor owns the property, has the right to convey it, and will defend the grantee’s title against certain claims by third parties. Unlike the more limited assurances provided by a grant, bargain, and sale deed, these warranties can extend to title defects or claims that arose before the grantor acquired the property.Warranty deeds are less commonly used in Nevada real estate transactions, where grant, bargain, and sale deeds are more typical for bona fide sales. When a warranty deed is used, the specific warranties and any exceptions stated in the deed should be reviewed carefully to understand the protections the grantor is actually providing.
Legal Requirements for a Nevada Deed Transfer
Selecting the appropriate type of deed is only one part of transferring Nevada real estate. The deed must identify the person or entity transferring the property (the grantor) and the person or entity receiving it (the grantee), include an accurate legal description of the property, and be signed by the grantor. The deed should also identify any exceptions, reservations, or other limitations that are intended to apply to the transfer.
The deed must then satisfy the recording requirements of the county where the property is located. Each Nevada county may have its own recording requirements, but these generally include formatting and margin requirements, original notarized signatures, the property’s assessor’s parcel number (APN), and a complete legal description of the property. A Declaration of Value also generally must be submitted with the deed. The Declaration of Value reports information about the transfer, identifies any applicable transfer tax exemption, and is used to determine the real property transfer tax due on the transaction, if any.
Get in Touch With a Nevada Real Estate Attorney Today
Because a deed determines the ownership interest being conveyed and the assurances the grantor provides regarding title, errors can have consequences long after the transfer is completed. Even a seemingly straightforward transfer requires the appropriate type of deed, an accurate description of the property and intended transfer, and compliance with applicable legal and recording requirements
At Assent Law, our Nevada real estate attorneys prepare deeds for a flat fee, providing a predictable and straightforward way to complete your real estate transfer. Contact us today at 702-291-8796 to discuss your deed preparation or other real estate legal needs.
FAQ Section
What is the difference between a grant, bargain, and sale deed, and a quitclaim deed?
A grant, bargain, and sale deed provides certain assurances regarding title, including that the grantor has not previously conveyed the same interest and has not created or suffered undisclosed liens or encumbrances affecting the property. A quitclaim deed provides no assurances regarding title and simply transfers whatever interest the grantor has in the property
What information is needed to prepare a Nevada deed?
A Nevada deed generally needs to identify the grantor and grantee, include an accurate legal description of the property, and identify any exceptions, reservations, or other limitations applicable to the transfer. Additional information, such as the assessor’s parcel number (APN), is generally required for recording.
Does a Nevada deed need to be recorded?
A deed should be recorded with the county recorder in the Nevada county where the property is located. Recording places the transfer in the public record and provides notice to third parties of the grantee’s interest in the property.
What is a declaration of value when transferring Nevada real estate?
A Declaration of Value is a form generally submitted when a deed is recorded in Nevada and is signed by both the grantor and grantee. It provides information about the transfer, identifies any applicable exemption from real property transfer tax, and is used to determine the amount of transfer tax due, if any.
