This form is a Special Warranty Deed where the Trust is the Grantor and the Grantees are two Individuals who will be joint tenants of the property with rights of survivorship. 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. This deed complies with all state statutory laws.
A Killeen Texas Special Warranty Deed — Trust to Two Individuals as Joint Tenants with Rights of Survivorship is a legal document that conveys real property from a trust to two individuals as joint tenants, guaranteeing a limited warranty of title. This type of deed ensures that the property will pass to the surviving joint tenant in the event of one tenant's death. Here are some key points to consider: 1. Definition: A Special Warranty Deed is a legal instrument used in Texas to transfer ownership of real estate and protect the interests of the grantee against any claims arising during the granter's ownership period. 2. Benefits of a Trust: By transferring the property through a trust, the granter can bestow certain advantages upon the beneficiaries, such as maintaining privacy, avoiding probate, and allowing easier transfer of ownership upon the granter's death. 3. Joint Tenancy: The deed establishes a joint tenancy, a form of co-ownership where each tenant holds an equal share and has an undivided interest in the property. Joint tenancy generally includes the right of survivorship, meaning that upon the death of one joint tenant, their share automatically passes to the surviving tenant(s) without the need for probate. 4. Rights of Survivorship: The inclusion of "rights of survivorship" ensures that, in case one joint tenant passes away, the property automatically transfers to the surviving tenant(s) without going through the probate process. This provision simplifies the transfer procedure and prevents potential conflicts. 5. Limited Warranty: The special warranty in this type of deed guarantees that the granter warrants the validity of the title only during the time they had ownership. It provides a limited level of protection against any claims or encumbrances arising from before the granter acquired the property. Different types of Killeen Texas Special Warranty Deed — Trust to Two Individuals as Joint Tenants with Rights of Survivorship include variations based on the trust type or specific requirements of the parties involved. Some examples may include: — Living Trust: A deed where thgranteror transfers the property into a living trust for estate planning purposes, granting the benefits of a trust while the granter is alive. — Revocable Trust: This type of trust allows the granter to modify or revoke the trust during their lifetime, offering more flexibility and control over the property's ownership. — Irrevocable Trust: Once thgranteror transfers the property into an irrevocable trust, they relinquish control and ownership rights permanently. This trust type may have certain tax benefits and asset protection advantages. In conclusion, a Killeen Texas Special Warranty Deed — Trust to Two Individuals as Joint Tenants with Rights of Survivorship is a legal document that facilitates the transfer of real property from a trust to two individuals who will jointly own the property with the assurance of limited warranty and the automatic passing of ownership upon the death of one joint tenant.
