What is the difference between a special warranty deed and a warranty deed in Arizona?
General Warranty Deed: Provides the buyer with the most protection, as it guarantees the seller has a clear title and is legally able to transfer the property. Special Warranty Deed: Similar to a general warranty deed, but the seller only guarantees the title is free of defects that occurred during their ownership.
How do I transfer a property title to a family member in Arizona?
To transfer ownership of a property to a relative in Arizona, it is necessary to complete and file a legal document known as a deed. The signed deed must then be recorded with the countys land records office where the property resides.
What is a special warranty deed in Arizona?
Special warranty deeds provide a moderate level of protection to the grantee. In this case, we warrant that we have not encumbered the property during our period of ownership. However, we do not guarantee that there were no defects or encumbrances before we owned the property.
What are the disadvantages of a warranty deed?
Disadvantages of Warranty Deeds Title companies will research the chain of deeds, past court judgments, and unpaid taxes before green-lighting the transfer. The grantor also remains on the hook long after the sale. If a forgotten lien surfaces, the buyer can pull the grantor into court for damages and legal fees.
What are the disadvantages of a special warranty deed?
The term special might suggest higher quality to buyers, but the special warranty deed offers less coverage. It offers less protection due to the limited time frame it covers. For residential properties, special warranty deeds are often used in foreclosures and forced sales to settle debts.
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The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
Why would someone have a special warranty deed?
Sellers often use special warranty deeds in commercial property transactions. Commercial properties typically have more complex histories, and sellers do not want to be responsible for issues that occurred before they owned the property.
Would you buy a property with a special warranty deed?
Special Warranty Deed Risks: The limited protection may expose buyers to title issues that arose before the sellers ownership period. This can be risky, especially for older properties or those with a complicated title history.
Related links
Joint Tenancy in Real PropertyThe Title Insurers Viewpoint
by HE Tully 1962 Cited by 2 The court held that the deed conveyed an undivided one-half interest in the property to the husband and that the wife retained the remain- ing interest, which
A deed restriction on the property prevents unacceptable exposure to onsite soil contamination and restricts the property for industrial use only. Current data
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