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Common types of deeds used in real estate transactions are general warranty, special warranty, and quit claim deeds. Deeds transfer property ownership, with title representing ownership rights. Deeds legally transfer ownership, acting as a special legal vehicle. General warranty deeds provide extensive guarantees and protection for buyers, ensuring the seller holds clean title and authority to sell. Special warranty deeds offer limited guarantees, while quit claim deeds provide the least protection. Understanding these deed types is crucial in real estate transactions.