A Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal is a legal document that transfers ownership of both surface and mineral interests in a property in Virginia, while specifically reserving the coal rights to the granter. This type of deed provides a guarantee to the grantee that the granter holds clear and marketable title to both the surface and mineral rights. In Virginia, there are two primary types of warranty deeds for surface and mineral interests with a reservation of all coal: 1. General Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal: This type of deed involves the transfer of surface and mineral rights, with the granter reserving all coal rights. It includes a warranty that the granter holds clear and marketable title to the property, except for the reserved coal rights. 2. Special Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal: This type of deed is similar to the general warranty deed, but it includes additional specific warranties that protect the grantee against any defects or encumbrances that may arise in the future. It also reserves all coal rights to the granter. When executing a Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal, it is crucial to accurately describe the property, including its boundaries and any relevant legal descriptions. Additionally, the deed should clearly state the granter's intention to transfer surface and mineral rights while reserving coal rights. Virginia, as a state rich in natural resources, often witnesses the inclusion of coal rights reservations in warranty deeds, making the Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal a critical document in these transactions. This deed ensures that the grantee receives a guarantee of ownership for both surface and mineral rights, except for the coal rights, which remain with the granter. In conclusion, a Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal is a legally binding document that transfers surface and mineral interests in a property, while reserving coal rights for the granter. It offers the grantee the assurance that the granter holds clear and marketable title for the transferred interests, except for the coal rights.
Virginia Warranty Deed for Surface and Mineral Interests, With Reservation of All Coal
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FAQ
Notary fees are normally charged to the party whose signature is being notarized. For the warranty deed, that is the seller.
A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
The warranty of ownership assures the buyer that: The property is free of all rights except those declared by the seller. The seller has discharged the property of all hypothecs, except for those assumed by the buyer. The property is not subject to any encroachment on the part of the seller or a third person.
Whether there's been a death, divorce or change of personal circumstances, there may be a reason for you to remove a name from a property deed. This process is done using a deed of conveyance, which is either in the form of a quitclaim deed or a warranty deed.
A quit claim deed does not contain any warranty of title, so the grantor in a quit claim deed makes no promises as to the quality of the grantor's title to the property, or even that that the grantor has any title to the property.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
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.