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Warranty Deed: Legal doc that conveys clear title
When you sell off property or transfer it to someone, a warranty deed is what you need to convey the title. The deed guarantees that as a grantor or seller, you hold title clear and free of liens and have the right to transfer/sell it to the grantee/buyer.
What are the types of warranty deed?There are 2 types of warranty deed used for title transfer. These are given below:
General Warranty Deed: The legal document guarantees that the grantor (or seller) is the legal owner of the property and no other person has an interest in the same property unless otherwise stated on the deed. The guarantee offered through the General Deed is not limited to the time period for which the grantor owned property. This implies that the grantor can be held liable for title problems existing prior to as well as during his ownership.
The Special/Limited or Statutory Warranty Deed does not offer as much protection as the General deed.
How do you make the deed valid?The deed should provide the legal description of the property to be transferred. It should be drafted as per the laws in the state where the property is located. Moreover, the deed should be signed and witnessed by legal professionals. Check out a sample form given below in the Related References section.
In case of a buying/selling transaction, the deed is delivered to the buyer at the time of closing. The buyer then records the deed at the County Recorder's office. The deed should be recorded within a specific period as required by the state laws so that it can be considered as valid. A Warranty Deed offers greater protection than quitclaim deed and others. So, whether you're selling property or transferring it to a trust, the deed can serve you best. When used to transfer title while selling off property, the buyer should supplement its claims by purchasing title insurance policy. Both the deed and the policy can help protect the lender and the buyer against disputes on ownership or liens on property.
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