This form is a General Warranty Deed with Vendor's Lien where the grantor is an individual and the grantees are two individuals. Grantor conveys and generally warrants the described property to the Grantees. This deed complies with all state statutory laws.
A McKinney Texas General Warranty Deed with Vendors Lien is a legal document used in real estate transactions to transfer ownership of property located in McKinney, Texas. This type of deed provides a guarantee or warranty to the buyer that the seller has clear and marketable title to the property and will defend the buyer's ownership rights against any third-party claims or disputes. General Warranty Deed with Vendors Lien is a specific type of deed that includes an additional provision known as a Vendors Lien. A vendor's lien is a form of security interest that allows the seller (vendor) to retain a lien against the property until the full purchase price is paid. This means that if the buyer fails to make the agreed-upon payments, the seller can potentially foreclose on the property to recover the outstanding balance. The McKinney Texas General Warranty Deed with Vendors Lien holds several key elements within the document. Firstly, it identifies the parties involved in the transaction, including the seller (vendor) and the buyer, both of whom must be legally competent and of legal age to enter into a contract. Secondly, it provides a detailed description of the property being transferred, including its legal description, address, and any other relevant identifying details. The deed also contains covenants or promises from the seller to the buyer, such as a covenant of basin (confirming the seller's ownership rights), a covenant against encumbrances (ensuring that there are no other claims or liens on the property), a covenant of quiet enjoyment (guaranteeing the buyer's uninterrupted use and enjoyment of the property), a covenant of warranty (promising to defend the buyer's ownership against any future claims or disputes), and potentially a covenant of further assurance (obligating the seller to take any necessary actions to perfect the buyer's title). Additionally, the vendor's lien provision will outline the terms and conditions of the lien, such as the amount of the purchase price, the interest rate if applicable, and the remedies available to the seller in case of default. Potential keywords for this topic may include: McKinney Texas, General Warranty Deed, Vendors Lien, real estate transactions, property ownership, clear title, marketable title, third-party claims, foreclosure, legal description, covenants, basin, encumbrances, quiet enjoyment, warranty, further assurance, lien provision, purchase price, interest rate, default. It is worth mentioning that while the McKinney Texas General Warranty Deed with Vendors Lien is a common type of real estate deed, it is always advised to seek legal advice or consult with a licensed attorney or real estate professional to ensure the accuracy and legality of all documentation involved in a real estate transaction.
