Georgia Royalty Deed with Limited Warranty is a legal document used in the state of Georgia to transfer ownership of mineral rights or royalty interests from one party to another. This type of deed is commonly used in the oil, gas, and mining industries. A Royalty Deed with Limited Warranty guarantees that the seller (granter) holds title to the mineral rights or royalties being transferred, and that they have not encumbered or sold these rights to any other party. However, unlike a General Warranty Deed, a Royalty Deed with Limited Warranty provides less protection to the buyer (grantee) and does not ensure complete freedom from potential title issues. The limited warranty in this type of deed means that the granter guarantees the title against any claims arising from their actions or omissions. They do not, however, guarantee the title against claims or defects that originated before they acquired the property. This limited warranty allows the granter to minimize their liability and potential claims against them. There are two main types of Georgia Royalty Deed with Limited Warranty: 1. Royalty Deed with Limited Warranty — This type of deed specifically transfers only royalty interests from the seller to the buyer. Royalties refer to a share of the revenue generated from the extraction of minerals, oil, or gas from a property. This deed ensures that the ownership of these royalties is passed to the buyer. 2. Mineral Rights Deed with Limited Warranty — This deed transfers the ownership of mineral rights from the seller to the buyer. Mineral rights encompass the rights to extract, mine, and benefit from any minerals present on the property, including oil, gas, coal, precious metals, and more. This deed guarantees that the buyer will now have legal ownership of these valuable rights. In summary, a Georgia Royalty Deed with Limited Warranty is a legal instrument used to transfer ownership of mineral rights or royalties. It provides a limited guarantee of title by the seller, ensuring that they have the authority to transfer these rights. The two main types of this deed are the Royalty Deed with Limited Warranty, transferring royalty interests, and the Mineral Rights Deed with Limited Warranty, transferring ownership of mineral rights.
Georgia Royalty Deed with Limited Warranty
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How to fill out Georgia Royalty Deed With Limited Warranty?
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A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during his ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.
The clerk of the superior court for each Georgia county is responsible for maintaining the county's land records. The transferee or other person who wishes to record a deed submits the original document to the superior court clerk's office for the county where the property is located.
In Georgia, a limited warranty deed (also known as a special warranty deed) transfers title in fee simple to the grantee with warranties and covenants of title that are limited only to acts arising by, through, or under the grantor.
The Supreme Court of Georgia has consistently held that it is the unauthorized practice of law for someone other than a duly-licensed Georgia attorney to close a real estate transaction or to prepare or facilitate the execution of such deed(s) for the benefit of a seller, borrower, or lender.
Both a general warranty deed and limited warranty deed make a specific promise about giving clear title to the property. Both deeds contain a promise that the grantor is conveying clear title to the property. But, the difference between the general warranty and limited warranty is the duration of that promise.
General Warranty Deed forms are under FEES AND FORMS. Warranty Deeds require a PT-61 and payment of transfer tax at the time of recording unless exempt; O.C.G.A. §48-6-1; §48-6-2. PT-61's are available online. Forms must be completed online, printed and submitted with deed at the time of recording.
Warranty deeds executed in Georgia must also have two witnesses. In order to record a warranty deed, it must be accompanied by a completed real estate transfer tax form when it is submitted to the clerk of the superior court.
REAL ESTATE FILING COSTS Document TypeFirst PageAdd. PagesDeeds (Warranty, Security, Assignments, Satisfactions, Cancellations, etc.) (Additional Cancellations, Releases, Satisfactions, and Assignments are $25.00/each) OCGA 15-6-77(f)(1)(A)(i)$25.00$0.00Plats OCGA 15-6-77(f)(2)$10.00$10.008 more rows
