A New York Mineral Deed with Limited Warranty is a legal document used to transfer ownership of mineral rights from a granter to a grantee. This type of deed provides limited protection for the grantee against any claims or defects in the title, specifically related to the mineral rights being transferred. In New York, there are different types of Mineral Deeds with Limited Warranty, including: 1. Oil and Gas Mineral Deed with Limited Warranty: This type of deed is specific to the transfer of oil and gas rights between parties. It ensures that the grantee receives the specified mineral rights without any warranty against possible title issues. 2. Coal Mineral Deed with Limited Warranty: This deed is designed for the transfer of coal rights in New York. It guarantees that the granter has the authority to convey the coal rights but provides limited warranty against potential title defects. 3. Metallic Mineral Deed with Limited Warranty: This specific type of limited warranty deed is commonly used for the transfer of ownership of metallic minerals such as gold, silver, copper, or iron. It offers limited warranty protection, safeguarding the grantee against known defects but not future claims that may arise. Regardless of the specific type, a New York Mineral Deed with Limited Warranty generally contains the following key elements: — Parties Involved: The deed identifies and includes the names, addresses, and roles of both the granter (seller) and the grantee (buyer). — Property Description: The deed includes a detailed legal description of the property where the mineral rights are being transferred. This may include a specific property address, boundaries, metes and bounds, or section and township information. — Transfer of Mineral Rights: The deed explicitly states the transfer of ownership of the mineral rights from the granter to the grantee. It should clearly outline the extent of the rights being conveyed, including any limitations or reservations. — Limited Warranty: The deed includes a limited warranty clause, stating that the granter guarantees that they have the right to transfer the mineral rights being conveyed, but provides limited protection against title claims or defects arising from the granter's actions. — Consideration: This section specifies the consideration, typically the agreed-upon purchase price or any other form of payment the grantee provides to the granter for the transfer of the mineral rights. It is essential to consult with a qualified attorney or legal professional when executing a New York Mineral Deed with Limited Warranty to ensure compliance with state laws and to fully understand the implications and limitations of the limited warranty provision.
New York Mineral Deed with Limited Warranty
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Quitclaim deed The quitclaim deed, also called a non-warranty deed, offers the grantee the least amount of protection. This type of deed conveys whatever interest the grantor currently has in the property?if any. No warranties or promises regarding the quality of the title are made. Understanding Property Deeds - Investopedia investopedia.com ? articles ? realestate ? pro... investopedia.com ? articles ? realestate ? pro...
Quitclaim Deed A deed used to transfer any interest in real property that the grantor may have. It contains no warranties of any kind.
Quitclaim Deed This type of deed guarantees nothing and there is no expressed or implied warranty that grantor owns the property or any interest in it. Moreover, a quitclaim deed does not convey any after-acquired title. 7. Principal Instruments of Transfer - California Department of Real Estate ca.gov ? files ? pdf ? refbook ? ref07 ca.gov ? files ? pdf ? refbook ? ref07
A quitclaim deed is a deed by which a grantor transfers only the interest the grantor has at the time the conveyance is executed. The grantor is not promising anything other than that they are giving up their own rights, if any. There are no implied warranties in connection with a quitclaim deed. Property Ownership and Deed Recording ca.gov ? proptaxes ? pdf ? Ownership_... ca.gov ? proptaxes ? pdf ? Ownership_...
Special warranty deed. In a special warranty deed, the grantor only promises that no claims have made been against the property during the period of their ownership, and makes no guarantee about any time period before that. This is also sometimes called a limited warranty deed.
A deed transferring title to commercial or residential real property from the grantor to the grantee. In New York, a full covenant and warranty deed provides the grantee with general covenants made by the grantor and the covenant under Section 13 of the New York Lien Law.
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.
By contrast, a quitclaim deed contains no warranties. All it does is transfer whatever interest the grantor has in the property over to the other person. There is no guarantee against the fact that the other owners have the ability to claim the property. What Is a Quitclaim Deed and How Does It Work? - SmartAsset SmartAsset ? mortgage ? what-is-a-quitclai... SmartAsset ? mortgage ? what-is-a-quitclai...
