This form is a Special Warranty Deed where the Grantor is a limited liability company and the Grantee is a limited liability company. Grantor conveys and specially warrants the described property to the Grantee. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
Oklahoma Special Warranty Deed - Limited Liability Company to Limited Liability Company
Category:
State:
Oklahoma
Control #:
OK-024-78
Format:
Word;
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Description
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Key Concepts & Definitions
Special Warranty Deed Limited Liability Company: A special warranty deed issued by a limited liability company (LLC) that guarantees the property is free from defects in title caused by the seller but not from any earlier, ensuring narrower protection compared to a general warranty deed. General Warranty Deed: Provides the buyer with the fullest protection against all title defects, whether they arose before or during the seller's ownership. Limited Warranty Deed: Similar to a special warranty deed, it offers limited protection against title defects. Quitclaim Warranty Deed: Transfers only the interest the seller has in the property without any warranty regarding the title's quality.
Step-by-Step Guide to Handling a Special Warranty Deed for an LLC
- Verify the LLC's Authority: Ensure that the LLC is in good standing and authorized to sell the property.
- Review the Deed's Language: Confirm that the deed specifically states the limitations of the warranty being granted.
- Obtain Title Insurance: Despite the limited warranty, securing title insurance can protect against unforeseen title issues.
- Conduct a Title Search: Important to uncover any existing title defects or liens prior to finalizing the transaction.
- Execute the Deed: Finalize the transaction with all parties present, ensuring all terms are clearly understood and agreed upon.
Risk Analysis in Real Estate Transactions Involving LLCs
- Title Issues: Possible undisclosed or unknown title defects inherited from previous owners.
- False Representation: Risks of the LLC not having the legal authority to sell the property.
- Limited Recourse: With a special warranty deed, the buyer's ability to seek remedy from the seller is limited only to the duration of their ownership.
Comparison Table for Warranty Deeds
| Type of Deed | Title Protection | Common Use |
|---|---|---|
| General Warranty Deed | Full, from all prior claims | Residential real estate transactions |
| Limited Warranty Deed | Limited, recent claims only | Commercial property sales |
| Quitclaim Deed | None, transfers only seller's interest | Transferring property between family members |
| Special Warranty Deed | Limited, seller's period of ownership only | LLC real estate transactions |
Best Practices for LLCs Using Special Warranty Deeds
- Always confirm the LLCs legal status and authority before engaging in transactions.
- Consider additional buyer protections such as title insurance to mitigate the risk of title defects.
- Use clear and precise language in the deed to avoid future legal disputes.
- Consult with real estate attorneys experienced in LLC transactions and special warranty deeds.
FAQ
1. What is the main difference between a general warranty deed and a special warranty deed? A general warranty deed covers the entire history of the property, whereas a special warranty deed only covers the period during which the seller owned the property. 2. Is title insurance necessary if I receive a special warranty deed from an LLC? Yes, because the special warranty deed does not cover defects outside of the seller's term of ownership, title insurance offers additional protection.
How to fill out Oklahoma Special Warranty Deed - Limited Liability Company To Limited Liability Company?
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FAQ
Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.
Step 1: Form an LLC or Corporation. You can't transfer your real estate property, or any other personal property, into your LLC or corporation until you've actually formed a new legal entity. Step 2: Complete a Quitclaim Deed. Step 3: Record Your Quitclaim Deed.
In Oklahoma, title to real property can be transferred from one party to another by executing a special warranty deed. A special warranty deed conveys an interest in real property to the named grantee with limited warranties of title.Generally, real property is owned in either sole ownership or in co-ownership.
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
Fill out the "grantor" section of the warranty deed. The grantors are the givers, or current owners, of the property. Use the legal name of each grantor and insert current addresses after each grantor's name.
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
The Oklahoma general warranty deed is a type of legal document whereby an owner of a piece of property can sell his or her interest to another person.Once deeds are properly filled out and acknowledged by a notary, they are filed with the registrar of deeds in the county in which the property is located.
Step 1 Fill in the grantor's name and address along with indicating whether or not the grantor is married. Step 2 Enter the consideration to be paid for the property. Step 3 Write in the grantee's name and address and check the box showing how they intend to hold the property.
Special warranties allow the transfer of property title between seller and buyer. The purchase of title insurance can mitigate the risk of prior claims to the special warranty deed.