This form is a Warranty Deed where the grantor is the husband and the grantees are the husband and his wife. Grantor conveys and warrants the described property to grantees as joint tenants with rights of survivorship less and except all oil, gas and minerals, on and under the property owned by Grantor, if any, which are reserved by Grantor. This deed complies with all state statutory laws.
Tennessee Warranty Deed from Husband to Himself and Wife
Category:
State:
Tennessee
Control #:
TN-016-77
Format:
Word;
Rich Text
Instant download
Description
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Key Concepts & Definitions
Warranty Deed: A legal document used to transfer property ownership guaranteeing the new owner that the grantor holds clear title to the property and has a right to sell it. Grantor and Grantee: The grantor is the person transferring the property, while the grantee is the person receiving the property.
Step-by-Step Guide
- Determine the Need: Understand why a warranty deed from husband to himself and wife is needed, commonly during estate planning or property re-titling.
- Consult Legal Counsel: It's crucial to work with an attorney familiar with real estate laws in your state to draft the deed correctly.
- Prepare the Deed: The deed must include the legal description of the property, the names of the grantor (husband) and grantees (husband and wife), and must be signed by the grantor.
- Signature and Notarization: The grantor's signature must be notarized to validate the deed.
- Recording the Deed: File the deed with the local county clerk's office to make it official. There may be a fee associated with this filing.
Risk Analysis
- Improper Execution: Risks include the deed not being executed properly, which can lead to disputes or legal challenges.
- Legal Non-Compliance: Failing to adhere to state-specific laws and regulations can invalidate the deed.
- Financial Implications: There may be tax implications or unexpected fees associated with the transaction.
Key Takeaways
Ensure Accuracy: Double-check all the legal descriptions and personal details. Legal Aid: Always involve legal professionals in the process. Record Promptly: Prompt recording of the deed with county authorities is essential.
Common Mistakes & How to Avoid Them
- Skipping Professional Help: Always use a lawyer specialized in real estate transactions to avoid common pitfalls.
- Not Verifying the Property Description: Verify the legal description of the property matches public records to avoid disputes.
- Delaying the Recording: Delay in recording the deed can lead to legal issues and disputes over property ownership.
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FAQ
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
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.
It will not protect against title issues that arose prior to the time the seller took occupancy. Consequently, it offers less protection to buyers, and more protection to sellers, than a general warranty deed, which is the most common option for selling or buying a property.
The Tennessee general warranty deed is a form that conveys real estate with a guarantee from a Seller to a Buyer that the title shall be free and clear of all liens and encumbrances (fee simple).
Two of the most common ways to transfer property in a divorce are through an interspousal transfer deed or quitclaim deed. When spouses own property together, but then one spouse executes an interspousal transfer or a quitclaim deed, this is known as transmutation.
When recorded, a special warranty deed conveys an interest in real property to the named grantee with limited warranties of title. In Tennessee, special warranty deeds are statutory.This means that the deed will not protect the grantee against title issues that arose prior to the time the grantor acquired title.
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 Survivorship Deed transfers residential or commercial property from one property owner (the grantor) to another (the grantee) while allowing them to avoid going through probate when they (the grantor) passes away. The parties transferring property in a Survivorship Deed must have full ownership of the property.