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A deed is a legal document used to transfer property ownership rights in real estate, containing the signature of the person transferring the property, the transaction date, the names of the parties involved, and a description of the property. There are different types of deeds, but the focus is on general warranty deeds and special warranty deeds. A warranty deed gives the buyer a guarantee that the seller actually owns the property being sold. Recording is not required for a warranty deed, but if done, the document must be acknowledged.