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This Warranty Deed from Individual to Individual form is a Warranty Deed where the Grantor is an individual and the Grantee is an individual. Grantor conveys and warrants the described property to Grantee 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.
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Interesting Questions
A real estate deed warranty is a legal document that guarantees the grantor (seller) has the legal right to transfer ownership of the property and provides certain assurances to the grantee (buyer). It ensures that the property is free from any title defects or encumbrances.
In New Jersey, the common types of warranty deeds are General Warranty Deed and Special Warranty Deed. A General Warranty Deed offers the highest level of protection for the buyer as it guarantees against any title defects, even if they occurred before the current seller obtained the property. On the other hand, a Special Warranty Deed only guarantees against title issues originating during the seller's ownership.
A warranty deed is important because it provides the buyer with the assurance that the property being purchased is free from any undisclosed liens, claims, or other title defects. It offers protection and peace of mind, reducing the risk of future legal disputes over the property's ownership.
Once a warranty deed is properly executed and recorded, it generally cannot be revoked unilaterally. The grantor would need the consent of the grantee to revoke it. However, if the warranty deed is found to be fraudulent, obtained through duress, or involves illegal activities, it may be challenged in court and potentially revoked.
If a title defect is discovered after purchasing a property with a warranty deed, the buyer can typically seek legal recourse against the grantor. Depending on the specific defect and its impact on the property, the buyer may be entitled to compensation, the correction of the defect, or even the right to rescind the transaction.
While a warranty deed provides certain protections, it is still recommended to obtain title insurance in New Jersey. Title insurance offers additional coverage against potential title defects that may have been missed during the title search process. It provides financial protection in case of any unforeseen issues with the property's title.
The main difference between a warranty deed and a quitclaim deed lies in the level of protection they provide to the buyer. A warranty deed offers stronger assurances as it guarantees against title defects, while a quitclaim deed transfers only the rights and interests the grantor has in the property, without any warranties or guarantees.
A warranty deed is typically not used for renting a property. A warranty deed is a document used in the sale and transfer of property ownership. However, for rental purposes, a lease agreement or rental agreement, which outlines the terms and conditions of the tenancy, is commonly used.
In New Jersey, it is common for the seller's attorney or a title company to handle the preparation of the warranty deed. These professionals have the expertise to ensure the deed is legally valid, accurately reflects the terms of the agreement, and complies with all necessary legal requirements.
If you have concerns or questions about a warranty deed in a real estate transaction, it is advisable to consult with a qualified real estate attorney. They can review the deed, explain its implications, and address any issues or uncertainties you may have, ensuring your rights and interests are protected.
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