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Special Warranty Deed?
Get StartedA Special Warranty Deed, also known as a Limited Warranty Deed, is a type of real property (i.e. land or a building like a house or apartment) deed where the grantor or owner of the property transfers (grants) and warranties title to their portion of interest in the property in which the grantor has title. A Special Warranty Deed is commonly used when a property is transferred between parties unfamiliar to each other as it provides certain warranties or safeguards for the Grantee or buyer against fraud. A Special Warranty Deed provides a guarantee to the buyer that the seller owns the property, has the right to sell the property free and clear of any debt (unless the debt is disclosed in the deed). Unlike a Warranty Deed, where the Grantor will defend the title to the property against any claims whatsoever against the title that resulted from defects under any prior ownership including the sellers' ownership, a Special Warranty Deed only guarantees the title against defects caused during the Grantor's ownership of the property. An example of a potential title claim/defect is a mortgage on the property that has not be satisfied. Without a warranty the Grantee has limited recourse in holding the Grantor liable for the unpaid mortgage. While the Grantee does not become responsible for paying the mortgage the Grantee will likely be unable to sell the property due to the cloud of title caused by the attached mortgage.** If the Grantor does not desire to provide any guarantees you should consider preparing a Quit Claim Deed.
Can you finance a home with a deed but no title?
A deed is the legal document that transfers title to the property. If you have a deed that names you as the grantee then you have title to the premises.
Do you have to record property into the living trust?
Yes. The deed that transfers title to the trustee must be recorded.
How can a spouse be dropped from a title?
The spouse must voluntarily execute a deed that transfers their interest in the property to you.
Is a quitclaim deed the same as a mortgage deed?
No. A quitclaim deed transfers the property to a new owner permanently. A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.
When you have paid off a home from a private seller how do you transfer the documents?
First, you have the title to the property examined by an attorney to make certain the "private person" you have been paying is indeed the owner, the only owner, of the property. Then you have a deed drafted by the attorney and signed by the current owner that transfers the property to you.First, you have the title to the property examined by an attorney to make certain the "private person" you have been paying is indeed the owner, the only owner, of the property. Then you have a deed drafted by the attorney and signed by the current owner that transfers the property to you.First, you have the title to the property examined by an attorney to make certain the "private person" you have been paying is indeed the owner, the only owner, of the property. Then you have a deed drafted by the attorney and signed by the current owner that transfers the property to you.First, you have the title to the property examined by an attorney to make certain the "private person" you have been paying is indeed the owner, the only owner, of the property. Then you have a deed drafted by the attorney and signed by the current owner that transfers the property to you.
How do you create a house title?
An individual does not create a title to real property. Title is established through deeds, transfers of title by other means and inheritance. Title to property is established by a careful review of the land records where the property is located and the probate records if any owner died while owning the property.The only way you can establish your title to real property is to acquire the property from the legal owner.
What are the disadvantages of special warranty deed?
A Special Warranty Deed only provides warranty of title for the period during which the grantor owned the property. In some jurisdictions that type of deed is called a quitclaim deed. It does not guarantee that the grantor has good title, full ownership or that there exist no liens or defects prior to the grantor's ownership. If you acquire real property by a Special Warranty Deed you should have the title examined by a professional title examiner who is familiar with the required time period that must be covered by a title examination in your state as well as ALL the legal issues that affect title to real property. An attorney should represent you in the purchase.
What is the process for transferring ownership of a house using a warranty deed?
To transfer ownership of a house using a warranty deed, the current owner must sign the deed in front of a notary public, then the deed is recorded at the county recorder's office. This legally transfers ownership of the property to the new owner with a guarantee that the title is clear of any defects.
Is an executor's deed as good as a warranty deed?
They are different.When referring to loans secured by real property a deed of trust is the term (and process) used in some states for a loan secured by real estate. The property is transferred to a trustee until the loan is paid and then the trustee transfers the property back to the owner by a trustee's deed.In many states a mortgage is used to secure real property that is used as collateral for a loan. When the loan is paid the mortgage is discharged.Both terms have a different meaning when referring to conveyancing.
Is title to a house the same as a deed to it?
Not exactly. The person with title to a property is the person who legally owns it. A deed and a title are not the same thing. A deed is a legal document that transfers the title from one person to another.
What is a limited warranty deed?
A limited warranty deed warrants the title only for any problems that occurred during the seller's ownership. It does not warrant the title for anything that happened prior to the seller's ownership of the property. A buyer can sue the seller under a general warranty deed for title defects that occurred during prior ownerships but not under a limited warranty deed.
