A warranty deed, also known as a general warranty deed, is a legal real estate document between the seller (grantor) and the buyer (grantee). The deed protects the buyer by pledging that the seller holds clear title to the property and there are no encumbrances, outstanding liens, or mortgages against it.
Are warranty deeds good?
A general warranty deed is the most beneficial for the home buyer because it provides the most protection. It’s a guarantee from the current owners (also referred to as grantors) that they have full ownership of the property and have disclosed all encumbrances, liens, easements and judgments.
Is a warranty deed a contract?
A general warranty deed is not a contract of sale—it does not include a price for the property or include any transfer of funds. Instead, it is the legal document that completes the sale by transferring the property from the grantor to the grantee.
What is the definition of a warranty deed?
A warranty deed is a deed in which the seller, also known as the “grantor,” guarantees to the buyer, also known as the “grantee,” that he holds clear title to the property, and that he has a legal right to sell it.
How to create a free warranty deed form?
Our free warranty deed template shows how an Owner would transfer whatever rights and titles to real property they have to a new Owner. This particular sample also allows for exceptions such as easements and life estates. You can also produce a legally binding (special or general) warranty deed form in minutes with our free warranty deed builder.
Which is the most reliable warranty deed form?
When it comes to deed forms, it’s the warranty deed that is considered to be the most reliable option over quitclaim deed. As the name suggests, the warranty deed is the one where the grantor offers the guarantee of holding clear title on his property or real estate that is to be conveyed to the grantee.
When do you need a special warranty deed?
The grantor warrants that the property was not encumbered during the time the grantor owned the property. A special warranty deed does not protect against any claims prior to the grantor receiving the title. Special warranty deeds are typically used more in the commercial real estate world.
