Warranty Deed Hide List
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What does a warranty deed cover?
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 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 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 special warranty deed?
A special warranty deed is a deed to real estate where the seller of the propertyknown as the grantorwarrants only against anything that occurred during their physical ownership. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.
Does a warranty deed mean you own the property?
Understanding the Warranty Deed Warranty deeds are standard for average home sales. That's because a warranty deed not only transfers ownership of a property from one party to another, it also provides the new owner with a "warranty" or guarantee that the title is free and clear of any unknown claims or encumbrances.
What is the main purpose of a grant deed quit claim deed warranty deed?
The warranty deed adds the additional guarantee that the grantor will defend the title against any third-party claim. The quitclaim deed is also sometimes used, although this document is most often used to disclaim any interest in a property rather than selling a property that one owns.
Does a warranty deed transfer ownership?
In a deed, the grantor warrants he or she is the rightful property owner and has a legal right to transfer title. There are different types of deeds such as the warranty deed, special warranty deed, and the quitclaim deed.
Does a warranty deed prove ownership?
A warranty deed is one type of proof of ownership; it shows the name of the owner and gives a brief description of the property. The previous owner or party granting you ownership signs the warranty deed, showing your rights to the property. A quitclaim deed is the other main type of property deed.
Who can prepare a warranty deed?
Signing the Warranty Deed: In order to make the Warranty Deed legally binding, the Seller needs to sign it front of a notary public. Then signed and notarized deed must be filed at the city or county office for recording property documents.
How do I transfer a warranty deed?
To make the form legally binding, you must sign it in front of a notary public. You must then file your signed and notarized deed with the county office that's in charge of recording property documents. Once the grantee signs the warranty deed, he/she legally has ownership and claim to the property.
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