What is better, statutory warranty deed or special warranty deed?
You can sell as a warranty deed but this means you are warranting clean title and the buyer can come back to you, you should only provide a warranty deed if theres a title company/title insurance being purchased.
What is a warranty deed in Maine?
Special warranty deeds are common in commercial transactions and certain residential sales like foreclosures or bank-owned properties. General warranty deeds offer more comprehensive protection by covering the entire history of the propertys title until the time of sale.
What does a statutory warranty deed mean?
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 is the difference between a warranty deed and a statutory warranty deed?
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your states statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
Does a warranty deed mean you own the property?
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.
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Related forms
Thank you very much for your interest in the Willed Body Donation - ghs
A deed in substance following the form entitled Warranty Deed shall when duly executed have the force and effect of a deed in fee simple to the grantee.
Most current deeds fall into one of four categories: 1) General Warranty, 2) Special. Warranty, 3) Quit Claim deed, and 4) Bargain and Sale deed. General
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