Warranty Deed Hide Comments
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What is a grantee on a warranty deed?
A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer),in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.
What is a warranty deed used for?
A warranty deed is one in which a property owner, when transferring the title, warrants that he owns the property free and clear of all liens. A warranty deed is used in most property sales. The warranty deed says that: The grantor is the rightful owner and has the right to transfer the title.
What is the purpose of a warranty deed?
Warranty deeds are commonly used in many states when a property is sold. The warranty deed offers a guarantee to the buyer that the seller rightfully owns the property free and clear of any liens or other defects to the title.
What do you do with a warranty deed?
A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer),in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.
Is a warranty deed the same as a title?
A warranty deed is a higher level of protection produced by the seller upon the real estate closing. It includes a full legal description of the property, and confirms the title is clear and free from all liens, encumbrances, or title defects. Most property sales make use of a warranty deed. ... Our title agents can help.
What is the difference between a warranty deed and a grant deed?
A grant deed offers more protection to a buyer than a quitclaim deed, but less protection than a warranty deed. The main difference between a warranty deed and a grant deed is that in a warranty deed, the grantor will warrant and defend the title against the claims of all persons.
What is a grantee on a deed?
Property deeds are used to convey real property from a grantor (seller) to a grantee (buyer). For a deed to be legally operative, it must include the identification of the grantor and grantee, and the adequate description of the property.
What is a grantee of property?
DEFINITION of Grantee In real estate, the grantee is the one taking title to a purchased property. The grantee is named in the legal document used to transfer the real estate. The person who is relinquishing the property is called the grantor. Recipients of stock options may also be referred to as grantees.
Does the grantee own the property?
Simply put, the grantee is the recipient. You can be a grantee even without receiving a property deed. For example, a land contract features both a grantor and a grantee. The grantor is the owner and the grantee is the buyer who is acquiring an equitable interest, but not bare legal interest, in a property.
Does a deed mean you own the house?
House Deeds: The Basics A house deed is a written document that shows who owns a particular property. When someone is ready to buy a house, the buyer and seller must sign a deed in order to transfer the property's ownership rights to the new homeowner.
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