Warranty Deed - Where Does It Come Into Play?

[Brandon G.]

This, I'm sure, is a complete newbie question, but where does a warranty deed come into play? I've read about what it is and what its purpose is, but when purchasing a property, as an investor, where does it fit into the logistics of the transaction? Is this document something I need to already have drawn up and ready to be signed when I'm sitting at the kitchen table with a seller? Or is it something the title company prepares and has the seller sign on closing or somewhere in between?

If it's something I need to have in hand on the day I strike a deal, is it a promulgated form or is it a custom form I need to have created by my attorney? 

Please advise