A statutory warranty deed is like a general warranty deed, but it only protects whats covered under your states law regarding title issues, liens and other details related to the sellers right to lawfully transfer ownership. This doesnt necessarily cover any possible situation that may arise.
What is the statutory deed?
A statutory warranty deed is a short-form deed that includes the promises of a long-form general warranty deed. It guarantees the grantor holds and is transferring full and legal title to the property. Using either a statutory or general warranty deed provides the most protection to the buyer of the property.
What does statutory title mean?
Definitions of statute title. a heading that names a statute or legislative bill; may give a brief summary of the matters it deals with. synonyms: rubric, title. head, header, heading. a line of text serving to indicate what the passage below it is about.
What is a statutory warranty deed in Alabama?
Statutory Warranty Deed The Alabama statutory warranty deed provides a warranty of title that is limited to the time when the current owner (the owner conveying the property by deed) owned the property. The current owner is not responsible for anything that happened before that owner took title to the property.
Which is not a statutory deed?
Warranty deeds and statutory deeds both provide some guarantee that the property can be transferred to you whereas a quitclaim deed is not as protective. If there is a long lost heir, liens against the property or other obstacles, quitclaims will not protect you from these like a warranty or statutory deed will.
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What is the difference between a warranty deed and a statutory warranty deed in Alabama?
An Alabama general warranty deed provides a full warranty of title that protects against all title issues, even those that relate to the time before the prior owner owned the property. A statutory warranty deed, in contrast, limits the warranty to the period when the person signing the deed owned the property.
Which deed is the strongest?
General warranty deeds provide the most legal protection for the Grantee when conveying property interest.
Related links
Chapter 821a - Forms of Deeds and Mortgages
They shall be known as Statutory Form and may be referred to as such. Nothing in this chapter precludes the use of any other legal form of deed or mortgage.
Foundations of Law - The Closing and Real Property Deeds
Deed: A document that represents ownership of property; the deed is transferred to symbolically transfer real property, since real property obviously cannot be
Corrective or Confirmatory Deed A deed for no or nom- inal consideration that corrects or confirms a previously recorded deed but does not extend or limit the
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