This form is a Special Warranty Deed where the grantor is an individual and the grantees are two individuals. Grantor conveys and specially warrants the described property to the grantees. The grantor only warrants and will defend the property only as to claims of persons claiming by, through or under grantor, but not otherwise. The grantees take the property as joint tenants with the right of survivorship or as tenants in common. This deed complies with all state statutory laws.
A Maricopa Arizona Special Warranty Deed — Individual to Two Individuals is a legal document that transfers ownership of real property from one individual to two individuals. This deed provides limited guarantees to the new owners, known as grantees, regarding the title of the property. Here are some important points to understand about this type of deed: 1. Purpose: The Maricopa Arizona Special Warranty Deed — Individual to Two Individuals is specifically used when one individual, the granter, is selling or transferring a property to two individuals, typically spouses or business partners, as joint owners. 2. Ownership Structure: This deed establishes a joint ownership structure known as tenancy in common. Under this arrangement, each grantee has an undivided interest in the property, which doesn't necessarily have to be equal. If one grantee passes away, their share of the property passes to their heirs or beneficiaries rather than automatically transferring to the surviving grantee. 3. Special Warranty: Unlike a general warranty deed that provides broad assurances, the special warranty deed only guarantees that the granter has not caused any title defects during their ownership. It doesn't cover any issues or claims that may have existed prior to the granter's ownership. This limited warranty protects the grantee from any unknown or undisclosed title problems that arose before the granter's ownership. 4. Consideration clause: The deed includes a consideration clause, acknowledging the exchange of valuable consideration between the granter and the grantees. This could be a payment made by the grantees or any other arrangement agreed upon. 5. Property description: The deed contains a detailed legal description of the property being transferred. This description includes the address, lot or parcel number, and any survey details necessary for accurate identification of the property. Different variations of the Maricopa Arizona Special Warranty Deed — Individual to Two Individuals may exist based on specific circumstances or additional provisions. Some possible variations may include: — Maricopa Arizona Special Warranty Deed with Life Estate — Individual to Two Individuals: This variation includes a life estate provision, where the granter retains the right to live on the property until their death. Once the granter passes away, full ownership automatically transfers to the two individuals named as grantees. — Maricopa Arizona Enhanced Life Estate Deed — Individual to Two Individuals: This variation, commonly known as a "Lady Bird Deed," enables the granter to retain control and live in the property until their death while granting the remainder interest to the two individuals. The grantees automatically gain ownership of the property upon the granter's death without the need for probate. It is always advisable to consult with a qualified attorney or real estate professional to ensure the accurate preparation and execution of a Maricopa Arizona Special Warranty Deed — Individual to Two Individuals, tailored to specific needs and circumstances.A Maricopa Arizona Special Warranty Deed — Individual to Two Individuals is a legal document that transfers ownership of real property from one individual to two individuals. This deed provides limited guarantees to the new owners, known as grantees, regarding the title of the property. Here are some important points to understand about this type of deed: 1. Purpose: The Maricopa Arizona Special Warranty Deed — Individual to Two Individuals is specifically used when one individual, the granter, is selling or transferring a property to two individuals, typically spouses or business partners, as joint owners. 2. Ownership Structure: This deed establishes a joint ownership structure known as tenancy in common. Under this arrangement, each grantee has an undivided interest in the property, which doesn't necessarily have to be equal. If one grantee passes away, their share of the property passes to their heirs or beneficiaries rather than automatically transferring to the surviving grantee. 3. Special Warranty: Unlike a general warranty deed that provides broad assurances, the special warranty deed only guarantees that the granter has not caused any title defects during their ownership. It doesn't cover any issues or claims that may have existed prior to the granter's ownership. This limited warranty protects the grantee from any unknown or undisclosed title problems that arose before the granter's ownership. 4. Consideration clause: The deed includes a consideration clause, acknowledging the exchange of valuable consideration between the granter and the grantees. This could be a payment made by the grantees or any other arrangement agreed upon. 5. Property description: The deed contains a detailed legal description of the property being transferred. This description includes the address, lot or parcel number, and any survey details necessary for accurate identification of the property. Different variations of the Maricopa Arizona Special Warranty Deed — Individual to Two Individuals may exist based on specific circumstances or additional provisions. Some possible variations may include: — Maricopa Arizona Special Warranty Deed with Life Estate — Individual to Two Individuals: This variation includes a life estate provision, where the granter retains the right to live on the property until their death. Once the granter passes away, full ownership automatically transfers to the two individuals named as grantees. — Maricopa Arizona Enhanced Life Estate Deed — Individual to Two Individuals: This variation, commonly known as a "Lady Bird Deed," enables the granter to retain control and live in the property until their death while granting the remainder interest to the two individuals. The grantees automatically gain ownership of the property upon the granter's death without the need for probate. It is always advisable to consult with a qualified attorney or real estate professional to ensure the accurate preparation and execution of a Maricopa Arizona Special Warranty Deed — Individual to Two Individuals, tailored to specific needs and circumstances.
