In a real estate transaction, the deed accomplishes two important things. First, the deed mechanically makes the buyer the new, legal owner of the property while specifically making the seller no longer the owner of the property. In legal parlance, the buyer's deed vests title in the buyer and divests the interest of the seller. Secondly, the deed establishes what liability will remain with the seller over future years, if any, should certain defects arise. Because liability is a major concern for both buyers and sellers, the quality (or type) of deed is always specified in a competently drafted purchase and sale agreement.
The following deed types are the more common instruments used in Georgia, not all of which are customarily used in the context of a purchase and sale transaction—
In Georgia, when an Owner's Title Policy is acquired at closing, the policy insures the purchaser regardless of the quality (type) of deed delivered at closing.