A Georgia Warranty Deed for Surface with Limited Warranty is a legal document used in real estate transactions in the state of Georgia. This type of deed is executed by the granter (seller) to transfer the surface rights of a property to the grantee (buyer), with a limited warranty guaranteeing certain protections and assurances. The limited warranty aspect of this deed means that the granter only guarantees specific assurances regarding the property's title during their ownership, but does not provide any guarantees of any issues that may have occurred prior to their ownership. This differs from a general warranty deed, which offers a more comprehensive level of protection for the grantee. The purpose of a Georgia Warranty Deed for Surface with Limited Warranty is to transfer ownership of the surface rights of a property from the granter to the grantee. It provides details about the property being transferred, including its legal description, any restrictions or encumbrances that might be in place, and the agreed-upon purchase price. In Georgia, there are various types of Warranty Deeds for Surface with Limited Warranty that may be used, depending on specific circumstances: 1. Statutory Warranty Deed: This is the most common type of Georgia Warranty Deed for Surface with Limited Warranty. It guarantees that the granter holds clear title to the property, except for any restrictions or encumbrances that are explicitly stated in the deed. 2. Special Warranty Deed: This type of warranty deed provides limited assurances regarding the quality of title, specifically stating that the granter warrants against any claims or encumbrances that arose during their ownership of the property. It does not cover issues that occurred prior to their ownership. 3. Quitclaim Deed: While not considered a warranty deed, a quitclaim deed is another type of deed that may be used to transfer surface rights in Georgia. However, it does not offer any warranties or guarantees of the granter's ownership or the property's title. It simply transfers whatever interest the granter may have, if any, to the grantee. In conclusion, a Georgia Warranty Deed for Surface with Limited Warranty is a legal document used to transfer the surface rights of a property in Georgia. It provides limited assurances regarding the quality of title, guaranteeing only certain protections and assurances during the granter's ownership. The specific type of warranty deed used may vary depending on the circumstances, including the level of protection desired or any restrictions or encumbrances on the property.
Georgia Warranty Deed for Surface with Limited Warranty
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A Georgia warranty deed form is a legal document used to transfer Georgia real estate from one party (the grantor or seller) to another (the grantee or buyer). A warranty deed provides the grantee with a guarantee that the grantor has clear title to the property and has the legal authority to transfer it.
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.
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.
A limited warranty deed transfers legal title to real property. However, this type of deed does not promise clear title; it only guarantees the title for the period during which the grantor owned it. Despite this, it is useful in some situations.
In addition to the requirement that deeds be prepared in writing, the written deed in Georgia must contain the following elements and conventions: Grantor name The person with the legal capacity to contract and convey, usually the seller Could also be an executor, administrator, sheriff, or person giving a gift Grantee ...
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.
A special warranty deed?also known as a limited warranty deed?is a variation of the general warranty deed. While the word "special" may communicate to a buyer the idea that the deed is of higher quality, the special warranty deed is less comprehensive. It offers less protection due to the limited timeframe it covers.
A special warranty deed or limited warranty deed only guarantees that no title problems occurred during the time the seller has owned the property. That means the previous owner can't be held accountable for creditors' liens or other issues that occurred before they took possession of the home.
