The Frisco Texas Assumption Warranty Deed is an important legal document used in real estate transactions within the city of Frisco, Texas. It provides protection and guarantees to both the buyer and seller involved in the transfer of property ownership. This document not only transfers the property title but also asserts that the property is free from any liens, encumbrances, or claims. In a Frisco Texas Assumption Warranty Deed, the seller assures the buyer that they have the legal right to sell the property and that it is being transferred without any undisclosed issues. This means that the seller guarantees that there are no unpaid taxes, outstanding mortgages, or undisclosed rights of others that could affect the buyer's ownership rights. The Frisco Texas Assumption Warranty Deed is often used when a property is not being sold for cash, but rather the buyer assumes the responsibility of the existing mortgage on the property. This type of deed is called an Assumption Deed because the buyer assumes the obligations of the existing mortgage, including making future mortgage payments. There are two main types of Frisco Texas Assumption Warranty Deeds that are commonly used: 1. General Warranty Deed: This type of deed provides the highest level of protection for the buyer. It guarantees that the seller has the legal right to sell the property, and promises to defend the buyer against any future claims made by others regarding the ownership of the property. It also guarantees that the property is free from any undisclosed liens or encumbrances. 2. Special Warranty Deed: This type of deed provides a more limited level of protection compared to the general warranty deed. It guarantees that the seller has not created any undisclosed liens or encumbrances during their ownership of the property. However, it does not provide protection against any claims arising from previous owners. In conclusion, the Frisco Texas Assumption Warranty Deed is a crucial legal document in real estate transactions that offers protection and assurance to both the buyer and seller. It ensures that the property being transferred is free from undisclosed issues and provides different levels of protection depending on the type of warranty deed used, namely the general warranty deed and special warranty deed.