A warranty deed guarantees that a seller owns the property free and clear of liens. A special warranty deed is the more limited of the two.Function: A Warranty Deed transfers property ownership with guarantees, ensuring the buyer gets a clear title. They are somewhat standardized but you will need to consult with a local accountant or CPA in setting it up. Warranty deeds offer the highest level of protection for buyers and there are two types, general and special. A General Warranty Deed conveys real property in most US states. A General Warranty Deed not only conveys a grantor's interests and title to a property. A warranty deed is a legal document used in commercial real estate transactions to transfer property with a guarantee of clear title and buyer protection. A warranty deed, or general warranty deed as it is sometimes called, is a legal document used in real estate transactions. In Texas, a deed of trust is an instrument used instead of a mortgage.