Posted on: 16th Jan, 2008 06:28pm
A warranty deed is a legal document that helps you transfer title to property with the guarantee that you have legal rights on it and no other person has any rights on it unless stated on the deed.
If it's a general warranty deed, then the guarantee it offers extends for an indefinite period of time. As such, being a grantor, you will be held liable for defects in title existing even prior to his ownership on the property. However, if it's a special guarantee deed, the liability of the grantor extends only for his period of ownership.
On the other hand, a grant deed assures that the title has not been conveyed to any other individual except the buyer and that the grantor has not encumbered the property with any lien.
When you're selling or buying a property, it's better to use either general or special warranty deed depending upon the type of guarantee you're looking for. For any other kind of property transfer, a grant deed may be used.
For further information on deeds, you may look at the discussions:
If it's a general warranty deed, then the guarantee it offers extends for an indefinite period of time. As such, being a grantor, you will be held liable for defects in title existing even prior to his ownership on the property. However, if it's a special guarantee deed, the liability of the grantor extends only for his period of ownership.
On the other hand, a grant deed assures that the title has not been conveyed to any other individual except the buyer and that the grantor has not encumbered the property with any lien.
When you're selling or buying a property, it's better to use either general or special warranty deed depending upon the type of guarantee you're looking for. For any other kind of property transfer, a grant deed may be used.
For further information on deeds, you may look at the discussions:
I have seen both of these type deed describe exactly opposite. One reputable reference has the grant deed defined as a much more restrictive deed, which guarantees no liens or encumberances BEFORE the grantor had the property, and the warranty deed only assures no liens while the grantor HAD the property. another expert site has tose definitions reversed. Help please.
do you use and or or between the husband and wife's name in the deed? how can you be sure you are the owner of the mineral rights to your property
Hi lars!
Welcome to forums!
When both the husband and the wife want to remain the owner of the property, then you will have to use "and" in between their names.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When both the husband and the wife want to remain the owner of the property, then you will have to use "and" in between their names.
Feel free to ask if you've further queries.
Sussane
What type of real estate deed to be used when changing ownership from Trustee(s) of Living Trust to Individual (husband & wife)?
Hi KC!
Welcome to the forums!
It will depend whether or not the property is free and clear. If the property is free and clear, you will be able to use a warranty deed to change the ownership.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
It will depend whether or not the property is free and clear. If the property is free and clear, you will be able to use a warranty deed to change the ownership.
Feel free to ask if you've further queries.
Sussane