Warranty Deed from Individual to Individual

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Commonly Asked Questions about Warranty Deed from Individual to Individual

What is another name for a warranty deed?

A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.

What is the purpose of a general warranty deed?

A general warranty deed is a legal agreement that protects a property buyer from any debts held against the property theyre purchasing. If such a debt emerges after the sale, the seller, not the buyer, is financially responsible for that debt.

What is the difference between a warranty deed and a regular deed?

A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.

Which type of deed usually only makes a single warranty?

A special warranty deed differs from a general warranty deed in that where a general warranty deed guarantees title against interests predating the grantors ownership of the property, a special warranty deed merely guarantees title only against defects arising during the time the grantor owned the real property.

Does a warranty deed prove ownership in Texas?

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 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 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.

Does a warranty deed prove ownership in Florida?

A warranty deed does not actually prove ownership of a property. The best way to establish ownership is through a title search, which examines public records to determine if any liens, third-party claims, or other issues could affect ownership.