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A deed is a legal document that transfers property ownership rights in real estate, containing the signature of the person transferring the property, the transaction date, involved parties' names, and property description. There are different types of deeds, but we'll focus on general warranty and special warranty deeds. A warranty deed guarantees the grantor legally owns the property being sold, giving the buyer assurance. Recording isn't necessary for a warranty deed, but if done, the document must be acknowledged.