WARRANTY
DEED
transfers property with warranties to title
subject to covenants conditions and restrictions.
Warranty deeds are the most commonly used deeds
in a residential buy/sell transaction. Unless otherwise
stated, the REPC specifies that a warranty deed
must be used to transfer the property.
CORPORATE
WARRANTY DEED
is identical to the warranty deed but is used
when the grantor is a corporation. The authorized
signers for the corporation must sign the deed and
a corporate acknowledgment should be used for the
notary block.
SPECIAL
WARRANTY DEED
is a warranty deed where the warranty only covers
the period of time the grantor has owned the property.
QUIT
CLAIM DEED
grants or conveys only the interest the grantor
has in the property and does so with no warranties
to title or even ownership. Rarely is the grantee
of a quit claim deed able to receive the protection
of title insurance.
TRUSTEES
DEED
is used as the granting deed used by the trustee
of trust deed when granting the property to the
highest bidder of a trustee sale at the end of a
non-judicial foreclosure. Trustee deeds offer no
warranties but may be insurable.
SHERIFFS
DEED
is used by the courts to transfer property at
the end of a judicial foreclosure (sheriffs sale).
The sheriffs deed has a redemption period where
the prior owner may redeem the property within six(6)
months of the sale.
PERSONAL
REPRESENTATIVES DEED
transfers property out of an estate and needs
to be signed by the personal representative assigned
by the court to distribute the assets of the estate.
The grantee receives no warranties with a personal
representatives deed, however title insurance is
usually obtainable.
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ESSENTIAL
ELEMENTS OF A GRANTING DEED
|
| Granting
Clause |
(that
Jane Doe grants to John Doe...) |
| Legal
Description |
(lot
number and subdivision,metes and bounds,
or combination) |
| Signatures
of Grantors |
|
| Acknowledgment |
(notary
public signs as a witness to the signature(s)
of the grantor(s) |
| Delivery |
(usually
accomplished by having the deed recorded
in the appropriate county) |
The
contents contained herein are intended for genral
informational purposes only, and should not be construed
or relied upon as legal advice or legal opinion
on any specific facts or circumstances. Anyone needing
special legal advise should consult an attorney.
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