Warranty Deed Replace Option Field For Free

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.

The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.

The title or deed to a piece of property, whether it be land or vehicle, is the most basic form of proof of ownership. Deeds should be recorded with the county where the property is located.

A general warranty deed must include the following to be valid: The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed)

A general warranty deed contains six covenants or warranties: (1) covenant of seisin, (2) covenant of right to con- vey, (3) covenant against encumbrances, (4) covenant of further assurance, (5) covenant of quiet enjoyment, and (6) covenant of warranty.

The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.

First, so long as you own the property you purchased, you are obligated to pay its property taxes. One way to get a warranty deed to the property you acquired via a foreclosure where you got a quit claim deed for it is to simply deed the property to yourself or a trust that you created as a grant (warranty) deed.

However, the level of legal protection is much different. A quitclaim deed suffices for transferring ownership to people you know and trust. But a warranty deed is the right document for most property transfers.

The three most common types of deeds are: General Warranty Deeds; Limited Warranty Deeds; and, Non-Warranty Deeds.

A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.The primary difference between a special warranty and a general warranty deed is how they deal with the timeframe of protection given to title ownership.