A Harris Texas Assumption Warranty Deed is a legal document used in real estate transactions to transfer ownership of a property from one party to another in Harris County, Texas. This specific type of warranty deed implies that the property being transferred is free of any liens or encumbrances, and the seller guarantees that they have clear title to the property. The Harris Texas Assumption Warranty Deed is commonly used when both the buyer and the seller agree to transfer the property's existing mortgage or debt obligations. By assuming the seller's mortgage, the buyer becomes responsible for making the mortgage payments and fulfilling the terms of the loan. In Harris County, there are several subtypes of Assumption Warranty Deeds, including: 1. General Warranty Deed: This is the most common type of warranty deed used in Harris County. It provides the highest level of protection for the buyer, as it guarantees that the seller will defend the buyer against any claim or legal action made against the title. 2. Special Warranty Deed: Unlike a general warranty deed, a special warranty deed only guarantees that the seller has not created any liens or encumbrances on the property during their period of ownership. It does not protect the buyer against any claims or actions that may have arisen prior to the seller's ownership. 3. Quitclaim Deed: This type of deed is often used when the transfer of ownership is not considered a traditional sale, such as transferring property between family members or as a result of marriage or divorce. A quitclaim deed offers the least amount of protection for the buyer, as it simply transfers whatever interest or claim the seller may have on the property, without any warranties or guarantees. It is crucial for both the buyer and seller to consult with a qualified real estate attorney or a title company to ensure that all legal requirements are met when executing a Harris Texas Assumption Warranty Deed. This will help protect both parties' interests and ensure a smooth transfer of ownership.
Harris Texas Assumption Warranty Deed
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The Land Registry is a public register of property information and this is all you need to prove you are the owner.
Texas General Warranty Deeds The most common type of deed used in Texas is a general warranty deed. This type of deed guarantees the title comes without any liens, easements, or other title problems. A general warranty deed also assures the buyer that there will be no issues with the title.
Seisin: The first covenant is the covenant of seisin, in which the grantor guarantees that he or she owns the land that is being conveyed to the grantee.
To qualify for an assumable mortgage, lenders will check a buyer's credit score and debt-to-income ratio (DTI) to meet loan requirements. Additional information such as employment history, income information, and asset verification for a down payment may be needed to process the loan.
The Texas special warranty deed form provides a limited warranty of title. With a special warranty deed, the person transferring the property guarantees that he or she has done nothing that would cause title problems, but makes no guarantees about what might have happened before he or she acquired the property.
An assumption deed allows a grantee to assume liability for existing indebtedness and promise to discharge one or more existing liens against the property.
No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.
How much does a loan assumption cost? You'll have to pay closing costs on a loan assumption, which are typically 2-5% of the loan amount. But some of those may be capped. And you're unlikely to need a new appraisal.
A prospective homebuyer must apply to the seller's lender in order to assume the seller's mortgage. The buyer must meet all of the same requirements that the seller had to meet in terms of creditworthiness, such as credit score, income, and debt-to-income ratio (DTI). The lender may charge the buyer a processing fee.
As a property owner and grantor, you can obtain a warranty deed for the transfer of real estate through a local realtor's office, or with an online search for a template. To make the form legally binding, you must sign it in front of a notary public.
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Houston Harris County. Property History. Houston Harris County Property History. The records of a warranty deed can be very helpful in establishing a legal ownership interest, determining who the owner was, and locating a specific piece of property. However, any changes made by the granter between the time the property was first recorded to the time of recorded deed will be recorded with the original title records, even if the changes are not otherwise recorded.
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