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The warranty deed not only gives the grantor the legal right to sell the home but also confirms that the property has no title issues or concerns.
What is the main purpose of a warranty deed?
Laypersons may conduct real estate closings, but may not answer legal questions that arise at the closing, or offer any legal advice to the parties. However, preparation of deeds and mortgages constitutes the practice of law and must be prepared by an attorney.
What are the disadvantages of a warranty deed?
Limitations of Warranty Deeds While warranty deeds offer some key benefits, there are also some limitations, such as: A special warranty deed only guarantees that the title is clear of any claims or encumbrances during the time that the grantor owned the property.
Can you sell a property with a warranty deed?
Warranty Deeds are used in most home sales between unrelated parties because they offer the most protection for buyers without established trust. If any title issues arise after a sale, a Warranty Deed ensures that the seller remains responsible. There are two types of Warranty Deeds: special and general.
What is a warranty deed in Illinois?
In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.
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A Warranty Deed can protect the seller from legal implications if disputes arise after the transaction. The grantor assures the grantee they are responsible for past discrepancies, thus protecting the buyers interests.
Related links
Foundations of Law - The Closing and Real Property Deeds
General Warranty Deed: A deed that fully warrants and promises that the title being transferred is fully valid and free of encumbrances. Special Warranty Deed:
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