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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, party names, and property description. There are different types of deeds, with focus on general warranty and special warranty deeds. A warranty deed guarantees the grantor's legal title to the property, providing the buyer assurance of ownership rights. Recording is not required, but if done, the document must be acknowledged. Warranty deeds offer protection to the buyer in real estate transactions.