This form is a General Warranty Deed where the grantor is an individual and the grantees are two individuals holding title as tenants in common.
A Waco Texas General Warranty Deed for Individual to Two (2) Individuals as Tenants in Common is a legal document used to transfer ownership of a property located in Waco, Texas, from an individual seller to two individuals as tenants in common. This type of deed provides a guarantee by the seller that they have full ownership rights to the property and will defend the buyers against any claims or disputes that may arise. In a tenancy in common arrangement, the two individuals who are the buyers will share ownership of the property in equal or unequal shares, as defined in the deed. Each individual holds an undivided interest in the property, which means they have the right to use and enjoy the entire property, rather than being assigned specific portions. There may be different variations of the Waco Texas General Warranty Deed for Individual to Two (2) Individuals as Tenants in Common, including: 1. Unequal Shares Deed: This type of deed specifies that the two individuals will hold unequal shares of ownership in the property. For instance, one buyer may own 70% while the other holds 30% of the property. 2. Equal Shares Deed: In contrast, an equal shares deed signifies that both individuals will possess an equal 50% interest in the property. 3. Joint Tenancy Deed: Although not strictly categorized under "tenants in common," some Waco Texas General Warranty Deeds may establish joint tenancy. This form of ownership grants both individuals "rights of survivorship," which means that if one owner passes away, their share automatically transfers to the surviving owner(s), bypassing the probate process. 4. Transfer-on-Death Deed: Alternatively, a transfer-on-death (TOD) deed might be used to transfer ownership upon death. This type of deed allows an individual property owner to name specific beneficiaries who will become the new owners upon their death, without the need for probate. By utilizing a Waco Texas General Warranty Deed for Individual to Two (2) Individuals as Tenants in Common, the buyers can have peace of mind knowing they are receiving clear ownership rights and protection against any third-party claims that may arise. It is crucial for both parties to consult with a reputable real estate attorney or title company to ensure the deed is properly prepared and executed according to Texas state laws and regulations.
