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Jasper L. Edwards
A deed is a special written instrument
that conveys or passes the title of a property from one party to another. Regardless of whether you
are buying a house from a stranger, inheriting it from your parents or adding your spouse to the
home’s title, you will require a deed for transferring the title.
There are various kinds of deeds but
titles are often transferred using a warranty deed. They provide the buyer (grantee) with the legal
protection they need since the seller (grantor) warrants or pledges that they legally own the
property in question and things such outstanding mortgages, liens or other encumbrances do not
exist.
General or Special Warranty
Deed?
There are two kinds of warranty deeds;
one is a general deed while the other is a special deed. When it comes to a general deed, the
grantor’s title and all of their interest to the property are conveyed to the grantee. In addition,
the deed also guarantees that in case the title happens to be defective or have things such as a
tax lien, mortgage claim, title claim, mechanics lien or judgment tied to it, the grantee can hold
the grantor accountable.
With a special deed, the grantor
passes the title of the property to the grantee with a promise to protect the grantee against any
claims asserted by grantor or any other parties who may have asserted their rights against the
title during the time the grantor was in possession of the title. With this type of deed, the
grantee is assured that nothing was done during the time the grantor held the title that could
impair it. In addition, the warranty also guarantees that the title has no
defects.
With a warranty deed, there has to be
a detailed description of the specified property being conveyed, signatures and witnesses in
accordance with state laws. Once this is done, the deed needs to be sent to buyer at or before
closing. Buyers of the property should also record the deed at the office of public records, which
is mostly found at the county courthouse. When buyers record the deed, it provides notice to the
public that the specified property is no longer on the market. Even though the seller grantees good
title, buyers should not mistake a warranty deed for title insurance since the warranty from a
seller who goes on to become bankrupt or dies, makes the title to have little or no
value.
RESOURCE
BOX
Free Wills to
Print provides detailed information on Free Wills, How to Write a Will,
Last Will And Testament, Living Wills and more.
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