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A special warranty deed provides assurance that the property's seller owns the property in question and has not faced any title issues during this ownership. A special warranty deed guarantees that the buyer won't face any legal action or title issues as a result of the actions of the property's previous owner.
A special warranty deed is a deed to real estate where the seller of the property known as the grantorwarrants only against anything that occurred during their physical ownership. In other words, the granter doesn't guarantee against any defects in clear title that existed before they took possession of the property.
The fundamental difference between the two types of deeds is that a General Warranty Deed offers Buyers protection for any and all prior defects in the title; whereas, a Special/Limited Warranty Deed offers Buyers protection against only those defects created by a Seller during the period that the Seller owned the
A warranty deed is a document often used in real estate that provides the greatest amount of protection to the purchaser of a property. It pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages, or other encumbrances against it.
Paired with title insurance, your warranty deed guarantees that the granter is the rightful owner and transfers these rights and title to you as the grantee or new owner of the property. With a warranty deed, your title is clear. However, both the warranty and quitclaim deeds are not sales documents by any means.
It is necessary to use a warranty deed to secure the grantee's legal ownership and claim to the property. The new owner has full rights to the property, and can sell it if desired. Receiving a warranty deed guarantees that there are no liens or encumbrances on the property.
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.
The easiest way to prove your ownership of a house is with a title deed or grant deed that has your name on it. Deeds typically are filed in the recorder's office of the county where the property is located.
Warranty deeds are commonly used in many states when a property is sold. The deed states the names of the granter and grantee and also includes a complete legal description of the property. The granter signs the deed, generally in the presence of a notary public, who then acknowledges the granter's signature.
Process Takes Around Two Weeks Once your transaction closes, you will receive the deed to your property along with your title insurance policy. The title process usually takes about two weeks; however, depending on the property and transaction type, this can vary dramatically.
A general warranty deed covers the property's entire history. With a special warranty deed, the guarantee covers only the period when the seller held title to the property. Special warranty deeds do not protect against any mistakes in a free-and-clear title that may exist before the seller's ownership.
General Warranty Deeds In a General Warranty Deed, the seller usually gives four warranties regarding the land to the buyer. The seller warrants to the buyer that: The seller has the right to convey the real estate. The seller will defend the title to the real estate against the claims of all persons.
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