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What is the main purpose 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.

Who benefits the most from a warranty deed?

0:09 1:46 A deed is a legal document that transfers ownership of real property. A will on the other hand is aMoreA deed is a legal document that transfers ownership of real property. A will on the other hand is a legal declaration of a persons wishes regarding their assets.

Is a warranty deed proof of ownership?

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.

Why would someone do a warranty deed?

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.

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.