Warranty Deed Redact For Free

If someone steals your property title, a lot can happen. First, if the title is stolen and you're not aware, you can lose your property. The thief could sell your property or refinance it, not pay the mortgage and allow it to enter foreclosure. The theft of your deed is the result of identity theft.

A warranty deed, or general warranty deed as it is sometimes called, is a legal document used in real estate transactions. When a seller transfers property to a buyer, a warranty deed is used to ensure that the title of the property being transferred is valid and free from any issues.

A special warranty deed only serves as a guarantee that there are no problems with the title outstanding from when the current seller owned the property. It's possible with this type of deed that someone else could come along who had a claim to the property or a lien existing from some long-unpaid debt.

A warranty deed isn't proof that you now own the property. Rather, it means the previous owner can guarantee that no one else holds ownership or is owed money for the property. You don't actually own the property until the title is transferred to you.

A contract for deed is a legal document containing the terms of the sale.The seller retains title until all amounts due under the agreement are paid, then signs a warranty deed transferring title to the buyer. If the buyer defaults, the seller keeps title to the property.

Deeds are distinct from contracts as they are usually enforceable despite a lack of consideration.A contract has a limitation period of six years, but the window for a deed is usually twelve years. In some transactions, a deed is a legal requirement.

Any type of deed functions to transfer ownership of property between two parties.The warranty deed is commonly used when a property is purchased at or around its fair market value. The deed implies certain warranties that the seller, or grantor, provides to the buyer, or grantee.