United States Warranty Deeds

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Commonly Asked Questions about United States Warranty Deeds

Why does warranty deed say $10?

It is important to note that the law does not specify how much consideration must be given. As a result, its become a common practice to state a nominal consideration, such as $10, in the deed, regardless of the actual property value or purchase price.

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.

Is a warranty deed the same as title insurance?

While a warranty deed and title insurance are similar, they serve different purposes. A warranty deed shows that there are no claims to the property. A title insurance policy, though, offers protection from financial loss associated with ownership issues, and transfers any such risks to the insurance company.

Why does the deed say $1?

When that one dollar language is in the deed, the reader can know that the requirement of consideration is satisfied.

Why do warranty deeds say $10?

The recorded Deed is public knowledge, so by using the language of Ten Dollars, and other good and valuable considerations we effectively can limit the knowledge of prying eyes as to how much you just bought or sold a house for.

What is the most common type of warranty deed?

A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete chain of ownership; and.

Why does my bill of sale say $10?

The closing agent explained, Well, ten dollars and other consideration. This is just a convention, so that the actual amount paid for the house doesnt go into the record. It also saves them from having to revise the document each time the price changes.

What is $10 and other valuable consideration?

The ten dollars is the peppercorn that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the other good and valuable consideration.