Real Estate Warranty Deed - Page 5

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Commonly Asked Questions about Real Estate Warranty Deed

What is the main purpose of a warranty deed?

Key Takeaways. A warranty deed protects the buyer and ensures that the seller holds a free and clear title to a property without any outstanding liens or mortgages. A warranty deed is a legal real estate document and protects the buyer against future claims to the title of the property.

What are the risks of a warranty deed?

The primary risk associated with a Special Warranty Deed lies in its scope of protection. This deed only covers the period the grantor owned the property, meaning the buyer takes on a risk of potential issues arising from before that period, which the grantor is not obliged to address.

Is warranty deed the same as title?

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.

What are the disadvantages of a special warranty deed?

Cons: Fewer protections for buyers, who are now responsible for addressing any previous liens or claims for the property. Lenders and title companies may refuse to help buyers secure financing or title insurance for a property sold under special warranty.

What are the pros and cons of a warranty deed?

Warranty deeds protect the buyer by guaranteeing a clear title and give the current owner the legal right to sell the house. For sellers, warranty deeds can delay the home selling process and come at an extra cost.

Who benefits the most from recording a warranty deed?

Who Benefits the Most from Recording a Warranty Deed? The buyer, or grantee, of a property benefits the most from obtaining a warranty deed.

What is a warranty deed in NYS?

With a warranty deed, the current owner makes certain promises about the propertys condition and title. For example, the current owner may promise that there are no outstanding liens or mortgages on the property and that the property is free and clear of any encumbrances.