Help with Deed terminology - South Carolina

[Salvador Jimenez]

Hello BP community, 

First off let me start by saying that I admire this community and simply think that you guys are awesome!

I am in need of some basic deed terminology interpretation. My mother and father in-law purchased a run down house sitting on about an 1-acre of land in a rural area in South Carolina (upstate). They are planning to renovate the house and hold as a long term rental. This was an off-market deal through a coworker and the deal was formalized through an old fashion hand shake. I live in LA and didn't find out about the purchased until after my parents forked over the money. The sellers (after receiving the money) then had their attorney draft up the deed, that was submitted and recorded and I am a bit worried with the type of deed my parents received. I could also be overreacting but looking for some reassurance. Is there anyone that is familiar with the deed terminology within the state of South Carolina. Below is an excerpt of the recorded deed, would like to hear anyone's interpretation. Any explanation will be appreciated. 

-Excerpt below-

Title to real estate (deed)

Know all men by these presents that we, (sellers), in the state aforesaid, for and in consideration of the sum of (purchased price), to me in hand paid by (my parents), receipt of which is hereby acknowledged, have granted, bargained, sold and released and by these presents do grant, bargin, sell and release, subject to the easements, restrictions, reservations and conditions (:exceptions") set forth below unto the said (my parents), as joint tenants with rights of survivorship, and not as tenants in common, subject to the below stated Exceptions, their heirs and assigns forever, the following descrbed real property,