What Is a Warranty Deed Form?
A Warranty Deed is a common legal instrument used to transfer an interest in real estate to a new owner in exchange for a purchase price. This document guarantees the buyer that the seller is, in fact, the owner of the real estate title, who is legally allowed to sell the real estate, which is free of debt and other claims, and that the seller is responsible for any faults or problems with the property. Use our Warranty Deed forms to create your own document in order to legally transfer property.
Types of Warranty Deeds
There are two main types of Warranty Deeds: a General Warranty Deed and a Special - or Limited - Warranty Deed. Both of them can be used for the sale of residential or commercial real estate. However, the second type only applies to the period of time for which the seller has owned it, whereas the first relates to the real estate’s entire history. According to the Special Warranty Deed, the seller is only responsible for problems, debts, and faults that arose or were caused during the time of the seller’s ownership. The General Warranty Deed, on the other hand, requires the seller to defend the real estate title against all other claims and pay the compensation to the buyer for any damages and debts.
Parties to the agreement can negotiate the key provisions they may want to include, but usually, these forms include the real estate address and the legal description of the property, the names, and addresses of the parties, the state where the Deed is signed. Additionally, you can specify the party that receives the original Deed and state whether the seller receives any life estate interest or any interest in the property’s mineral rights.