Warranty Deed Remove Value Choice For Free

A general warranty deed is the gold standard of property transfers. This type of deed is overwhelmingly used in residential purchases. Most lenders require a warranty deed for properties they finance. It offers buyers the greatest possible protection from future claims against the title.

The seller (or grantor) who signs a New Mexico warranty deed guarantees that the new owner will receive legal ownership of the property, free of any liens or other third-party interests (except as specifically disclosed in the deed).

A special warranty deed gives the new owner partial protection against title defects?splitting the risk ing to when a defect arose. Each party's precise percentage of risk depends on an individual transaction's circumstances.

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.

Oklahoma recognizes several deed types, each providing different levels of title protection to the grantee. There are general warranty deeds (full protection), special warranty deeds (limited protection), and quit claim deeds (no protection).

Title Defects: Special warranty deed covers title defects caused by the grantor during their ownership, whereas a general warranty deed covers present and past title defects. Grantor's Responsibility: Under a special warranty deed, the grantor is responsible only for their actions and warranties during their ownership.

What Is a Special Warranty Deed? A special warranty deed is a deed to real estate where the seller of the property?known as the grantor?warrants only against anything that occurred during their physical ownership.