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Authority to Release of Deed of Trust

Warranty Deed Vs Deed In Utah

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00186

Format:

Instant download

Description

This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.

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FAQ

It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.

Cons: Fewer protections for buyers, who are now responsible for addressing any previous liens or claims for the property. Lenders and title companies may refuse to help buyers secure financing or title insurance for a property sold under special warranty.

It's also important to point out that there are three types of warranty deeds that offer different levels of protection to the buyer and risk to the seller. These types of deeds are general warranty deeds, statutory warranty deeds and special warranty deeds.

Special Warranty Deed - In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed.

Special Warranty Deeds are frequently used in commercial real estate transactions and foreclosure sales. In commercial transactions, sellers might prefer this type of deed to limit their liability to issues they directly caused.

A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during their ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.

A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.

A general warranty deed must include the following to be valid: The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.

Statutory Warranty Deed – used in transactions in which the grantor desires to limit the warranty to the time in which the grantor has owned the property. Quitclaim Deed – used only to clear any possible interest someone might have in the property.

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In Utah, a special warranty deed is similar to a warranty deed, but it only provides a limited warranty of title to the grantee. The inclusion of the word "general" distinguishes the deed from a "special" warranty deed form, which provides a different warranty of title.The general or full warranty deed is most common in Utah and it really offers the most complete transfer of ownership. A warranty deed guarantees that a seller owns the property free and clear of liens. A special warranty deed provides the buyer with some guarantees about title, but it does not offer complete protection. Most office supply stores carry blank deed forms. The Recorder's office does not have forms of any kind and cannot make or fill out documents for you. A Utah general warranty deed conveys a title to real estate from a grantor to a grantee and guarantees that the property is free from thirdparty claims. General Warranty – The best type of deed to transfer ownership of property. Under a quitclaim deed, the grantor makes no representation that he or she actually has good title to the property.

Warranty Deed Vs Deed In Utah

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FAQ

Which is better quit claim deed or warranty deed?

What are the disadvantages of a special warranty deed?

What are the two types of warranty deeds?

What is the difference between a general warranty deed and a special warranty deed in Utah?

Why would a seller want a special warranty deed?

Is a general warranty deed better than a special warranty deed?

Is a recorded deed the same as a warranty deed?

How to fill out a warranty deed?

What is the difference between a warranty deed and a quit claim deed in Utah?

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