A Philadelphia Pennsylvania Limited Warranty Deed from two Individuals to One Individual is a legal document that transfers ownership of real property from two individuals, who are the sellers, to one individual, who is the buyer. This type of deed provides the buyer with a limited warranty, ensuring that the sellers have clear and valid title to the property and that there are no undisclosed encumbrances or defects. Some variations of Philadelphia Pennsylvania Limited Warranty Deed from two Individuals to One Individual include: 1. Joint Tenancy Limited Warranty Deed: This type of deed is used when two individuals, who may be spouses, relatives, or business partners, jointly own the property and wish to convey it to one individual while maintaining their joint ownership interests. 2. Tenancy in Common Limited Warranty Deed: In this scenario, the two individuals have equal or unequal interests in the property and decide to transfer their respective shares to one individual. The buyer then becomes a tenant in common with the remaining seller, each owning a specific portion of the property. 3. Married Couple Limited Warranty Deed: This type of deed is applicable when a married couple wishes to transfer their jointly-owned property to one spouse. It ensures that the property's title remains in the new owner's name while the spouse retains rights through marriage laws. When drafting a Philadelphia Pennsylvania Limited Warranty Deed from two Individuals to One Individual, it is important to include the following details: 1. Names and addresses of the granters (sellers) and the grantee (buyer). 2. A clear and accurate legal description of the property being conveyed, including its address, boundaries, and any unique identifiers (such as lot or block numbers). 3. A statement indicating the ownership interest being transferred and any specific arrangements, such as a joint tenancy or tenancy in common. 4. The purchase price or consideration exchanged for the property (if applicable). 5. The granter(s)' warranty of title, guaranteeing that they have legal ownership of the property, it is free from encumbrances, and they will defend the buyer's ownership against any claims. 6. Any specific terms or conditions agreed upon by both parties, such as contingencies, closing dates, or repair obligations. 7. Signatures of the granters and grantee, along with the acknowledgment of a notary public or other authorized official. It is crucial to consult with a real estate attorney or a licensed professional when preparing and recording a Limited Warranty Deed to ensure compliance with Philadelphia and Pennsylvania state laws.
Philadelphia Pennsylvania Limited Warranty Deed from two Individuals to One Individual
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How to fill out Philadelphia Pennsylvania Limited Warranty Deed From Two Individuals To One Individual?
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