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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.
The two parties involved in a warranty deed are the seller or owner, also known as the grantor,
and the buyer or the grantee. Either party can be an individual or a business, and are often
strangers to each other.
General Warranty Deed: the grantor is responsible for a breach of any warranties and guarantees,
even if the breach occurred without their knowledge or during a period when the grantor did not
own the property. The general warranty deed places a great amount of risk upon the grantor as
they become responsible for any breaches that may have occurred well beyond their knowledge
or ownership of the property.
Special Warranty Deed: is a deed in which the seller of a piece of property only warrants against
problems or encumbrances in the property title that occurred during his ownership. It is most
common with commercial real estate. (also termed as covenant deeds, grant deeds or limited
warranty deeds).
Quitclaim deed: These deeds offer less protection than a warranty deed. They release the owner
or grantor's interest in the property and don't state whether they hold valid ownership in the first
place. Instead, the assumption is that if the grantor ever did own it, any claim to the property is
relinquished when the deed is signed. This type of deed also prevents the owner from any future
interests in the property.
This deed transfers property from one individual to another. Title insurance is not needed for this
type of deed. And unlike the warranty deed, a quitclaim deed is drawn up when a property is
transferred without a sale. So it may be used, for instance, when a property is transferred
between family members.
That being said, the buyer agrees to all conditions and takes on the risk that there may be other
claimants to the property.
IMPORTANT: All deeds contain the date of the transaction, the names of the parties involved, a
description of the property being transferred, and the signatures of the buyer. Deeds may need to
be signed in the presence of a witness and/or notary.
Diccionario Bilingüe Jurídico de Patricia Mazzucco
A deed containing one or more covenants of A deed that conveys a grantor’s complete
title; especially, a deed that expressly interest or claim in certain real property but
guarantees the grantor’s good, clear title and that neither warrants nor professes that the
that contains covenants concerning the quality title is valid. (Also termed as deed without
of title, including warranties of seisin, quiet covenants)
enjoyment, right to convey, freedom from
encumbrances, and defense of title against all
claims. Also termed General Warranty Deed,
Full-Covenant-and-Warranty Deed
A deed that warrants that the grantor has the A deed that conveys only that right, title or
title he or she claims to have. It purports to interest that the grantor has, or may have, and
convey property free and that does not warrant that
clear of all encumbrances. As a guarantee of the grantor actually has any particular title or
title, the warranty deed creates liability in the interest in the property. The grantor under a
grantor if the title quitclaim deed
transferred is defective. Compare quitclaim represents merely that whatever interest he
deed. may have he conveys to the grantee.
Meaningful sentences:
Under state law, Land Trust conveys title to any property it sells by means of a special
warranty deed. This deed includes only a warranty against claims arising out of Land Trust’s
ownership of the property.
When a quitclaim deed is used, the person to whom the interest is transferred accepts
all risk of undisclosed claims and defects.
You'll most likely specify that the seller convey the property to you with a general warranty
deed that transfers ownership rights (or title) to you.
Collocations:
Bibliography
https://www.investopedia.com/terms/w/warranty-deed.asp