Maine Warranty Deed

Name: Maine Warranty Deed
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.77 (268 reviews)

Category:

Maine Real Estate - Deeds - Warranty

State:

Maine

Control #:

ME-LR041T

Format:

Instant download

Description

This Warranty Deed conveys title to two Individuals as joint tenants with rights of survivorship individuals. Grantor conveys and warrants the described property to Grantees less and except all oil, gas and minerals, on and under the property owned by Grantor, if any, which are reserved by Grantor.

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FAQ

The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.

A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.

A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.

The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.

It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating

A general warranty deed covers the property's entire history.With a special warranty deed, the guarantee covers only the period when the seller held title to the property. Special warranty deeds do not protect against any mistakes in a free-and-clear title that may exist before the seller's ownership.

After your Warranty Deed has been recorded at the County Clerk's Office, it can be sent to the grantee. However, any person or corporation can be designated as the recipient of the recorded Warranty Deed.

Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.

A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.

Maine Warranty Deed

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FAQ

Who keeps the original deed?

Does a warranty deed mean you own the property?

Why would someone have a special warranty deed?

Who prepares a warranty deed?

Does a warranty deed prove ownership?

What is the difference between statutory warranty deed and special warranty deed?

What happens to the original warranty deed after it has been recorded?

Who keeps original warranty deed?

What is the difference between a statutory warranty deed and a warranty deed?

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