Elizabeth New Jersey Warranty Deed from two Individuals to LLC

• Category: Real Estate - Deeds - Warranty
• State: New Jersey
• City: Elizabeth
• Control #: NJ-04-78
• Format: Word; Rich Text

Description

This Warranty Deed from two Individuals to LLC form is a Warranty Deed where the Grantors are two individuals and the Grantee is a limited liability company. Grantors convey and warrant the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantors, if any, which are reserved by Grantors.

A warranty deed is a legal document used to transfer ownership of real estate property from one party (known as the granter) to another party (known as the grantee) with a guarantee that the property is free from any title defects or claims. In the context of Elizabeth, New Jersey, there are various types of warranty deeds from two individuals to a limited liability company (LLC) that can be discussed. Here is a detailed description of these deeds, incorporating relevant keywords: 1. General Warranty Deed: A general warranty deed is the most comprehensive and commonly used type of warranty deed. It provides the highest level of protection for the grantee, ensuring that the granter guarantees lawful ownership and defends against any adverse claims during the granter's ownership period. This type of deed includes various covenants, such as the covenant of basin (confirming the granter's lawful ownership), the covenant of right to convey (ensuring the granter has the authority to transfer the property), the covenant against encumbrances (ensuring there are no undisclosed liens or encumbrances on the property), the covenant of quiet enjoyment (promising that the grantee will not face disturbed possession), and the covenant of warranty forever (a pledge to defend the grantee against title defects or claims arising in both the present and the past). 2. Special Warranty Deed: A special warranty deed, also known as a limited warranty deed, provides a more limited warranty compared to a general warranty deed. It guarantees that the granter has not personally caused any title defects or claims during their ownership period. In other words, the granter only warranties against title issues and claims that have arisen from their actions or omissions. This means that the grantee is not protected against potential pre-existing defects or claims that may have occurred prior to the granter's ownership. 3. Quitclaim Deed: Although not specifically a warranty deed, a quitclaim deed is worth mentioning as it is another type of deed commonly utilized when transferring property. Unlike warranty deeds, a quitclaim deed offers no warranties or guarantees to the grantee regarding the title. It simply transfers any interest the granter may have in the property, if any. This type of deed is often used when there is a high level of trust between the parties involved, such as transferring property between family members or entities within the same ownership structure. When two individuals transfer property to an LLC in Elizabeth, New Jersey, any of these warranty deeds can be used. However, it is important for both parties to thoroughly understand the implications and protections offered by each type of deed before entering into the transaction. Consulting with a qualified real estate attorney is strongly recommended ensuring a smooth and legally sound transfer of ownership.