General Warranty Deed Definition
What is general warranty deed definition?
A general warranty deed is a legal document that guarantees the title of a property and provides protection to the buyer against any claims or encumbrances on the property. It is commonly used in real estate transactions to transfer ownership from a seller to a buyer.
What are the types of general warranty deed definition?
There are three types of general warranty deeds:
Full Covenant and Warranty Deed: This type of deed offers the highest level of protection, as the seller guarantees clear title and promises to defend the buyer against any claims.
Limited Warranty Deed: With this type of deed, the seller only guarantees clear title during their period of ownership and does not take responsibility for any prior claims.
Special Warranty Deed: This deed provides limited protection to the buyer by guaranteeing clear title only for the duration of the seller's ownership.
How to complete general warranty deed definition?
To complete a general warranty deed, follow these steps:
01
Identify the parties involved: Include the names and addresses of the seller and buyer.
02
Describe the property: Provide a detailed description of the property being transferred, including its legal description and address.
03
State the consideration: Specify the amount of money or value exchanged for the property.
04
Include covenants and warranties: Clearly state the warranties and promises made by the seller to the buyer, ensuring clear title and freedom from encumbrances.
05
Sign and notarize the deed: Both parties should sign the deed in the presence of a notary public.
06
Record the deed: File the deed with the appropriate county or state office to make it a public record.
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