Keywords: New York Royalty Deed, Limited Warranty, Types In New York, a Royalty Deed is a legal document that transfers ownership of mineral rights or oil and gas royalties from one party, known as the granter, to another party, known as the grantee. This type of deed provides limited warranty, which means that the granter only warrants that they have not conveyed the property to anyone else and that it is free from any encumbrances during their ownership. There are a few different types of New York Royalty Deeds with Limited Warranty that vary based on the specific needs and circumstances of the parties involved: 1. Standard New York Royalty Deed with Limited Warranty: This is the most common type of Royalty Deed used in New York. It ensures that the granter has the legal right to transfer the mineral rights or oil and gas royalties to the grantee. The limited warranty protects the grantee from any claims against the title of the property, except for those mentioned in the deed. 2. New York Royalty Deed with Limited Warranty and Exceptions: This type of deed includes specific exceptions and limitations to the limited warranty. The granter may exclude certain encumbrances or limitations on the use of the property, which the grantee must agree to before accepting the deed. 3. New York Royalty Deed with Limited Warranty against Prior Acts: In this type of deed, the limited warranty only covers the period of time the granter held the property. It protects the grantee from any claims or encumbrances during the granter's ownership, but not before that time. 4. New York Royalty Deed with Limited Warranty in Favor of a Lender: This type of deed is often used when the grantee is obtaining financing from a lender to acquire the mineral rights or oil and gas royalties. The granter provides limited warranty to both the grantee and the lender, ensuring that the property is free from any encumbrances during the granter's ownership. It is crucial for both the granter and the grantee to carefully review and understand the terms and conditions stated in the New York Royalty Deed with Limited Warranty before executing the document. Seeking legal advice from an experienced real estate attorney is highly recommended ensuring all applicable laws and regulations are adhered to.
New York Royalty Deed with Limited Warranty
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