This form is a Special Warranty Deed where the Grantor is a Corporation and the Grantee is also a Corporation. Grantor conveys and specially warrants the described property to the Grantee. The Grantor only warrants and will only defend the property as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
A Special Warranty Deed is a legal document used in real estate transactions that guarantees the granter (seller) holds clear title to the property and will defend the title against any claims arising during their ownership. In Elizabeth, New Jersey, this type of deed is commonly used to transfer ownership of real property. A Special Warranty Deed in Elizabeth, New Jersey includes specific language that limits the granter's liability to only claims that arise during their ownership of the property. Unlike a General Warranty Deed, which provides a broader guarantee against any prior claims, a Special Warranty Deed only ensures the granter's actions or omissions won't cause any title defects. Different variations of Special Warranty Deeds that may be used in Elizabeth, New Jersey include: 1. Elizabeth New Jersey Special Warranty Deed with Specific Exclusions: This type of deed may exclude certain property defects or encumbrances known to the granter, such as liens, mortgages, or easements. The exclusion will be explicitly mentioned in the deed, protecting the granter from liability regarding those specific items. 2. Elizabeth New Jersey Special Warranty Deed for Commercial Property: This variation of the Special Warranty Deed is specifically designed for commercial real estate transactions in Elizabeth, New Jersey. It contains provisions tailored to address the unique concerns and complexities often associated with commercial properties. 3. Elizabeth New Jersey Special Warranty Deed with Survivorship Rights: In some cases, a Special Warranty Deed in Elizabeth, New Jersey may be executed with survivorship rights—a feature commonly used in joint tenancy or tenancy by the entirety. This means that if one of the property owners (grantees) passes away, their interest automatically transfers to the surviving owner(s) without the need for probate. During the process of buying or selling real estate in Elizabeth, New Jersey, it is essential to understand the different types of deeds, including the Special Warranty Deed, to ensure a smooth and legally sound transaction. It is highly recommended consulting a qualified real estate attorney or a professional experienced in real estate law to assist with drafting or reviewing any deed to ensure compliance with local laws and regulations.
