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 do you mean by warranty deed?
A Warranty Deed is an instrument by which the buyer obtains title to the piece of property being sold. A deed can come in many forms. The most common source of passing title is the Warranty Deed. The seller warrants that he has not encumbered the title and guarantees that his predecessors have not encumbered the title.
What are the common problems with warranty deeds?
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.
What is the most common type of warranty deed?
General Warranty Deed The majority of transactions call for general warranty deeds because the buyer will want assurances that he or she is getting good and proper title to the property. To do this, the buyer will normally obtain a full title search and title insurance.
What is a warranty deed in Alaska?
An Alaska general warranty deed is used to sell real estate with a broad warranty of title. The seller guarantees that they hold exclusive legal title to the property. If the seller is married, their spouse will also need to sign away any interest.
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What is the most important clause in a warranty deed?
The Warranty of Title clause ensures that the seller guarantees they have the legal right to transfer ownership of the goods being sold and that the title is free from any encumbrances, liens, or other claims. This clause protects the buyer from any third-party claims on the title that may arise after the purchase.
How do I transfer ownership of a property in Alaska?
The transferring of Title to property from one ownership to another requires recording a Deed. A Warranty Deed may be done when an owner guarantees, through a title report, that he or she holds clear title to a property.
What is a quitclaim deed to a wife?
A quitclaim deed is typically used in cases that consist of a simple title transfer from one spouse to another. A quitclaim deed is generally used when one spouse transfers ownership of marital property (i.e., the marital residence) to the other without it being sold (typically in the form of a $1 dollar transfer).
Related links
QUITCLAIM DEED
husband and wife, as tenants by the entirety, whose address is 123 ABC Street, Anchorage, Alaska 99508, without warranty, all right, title and interest it
Transferring Ownership of Assets - Alaska Court System
The Personal Representative must prepare a Deed to transfer real property to a new owner unless it passes automatically to the spouse of the person who died.
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