Posted on: 16th Jan, 2008 06:28pm
A warranty deed is a legal document that helps you transfer title to property with the guarantee that you have legal rights on it and no other person has any rights on it unless stated on the deed.
If it's a general warranty deed, then the guarantee it offers extends for an indefinite period of time. As such, being a grantor, you will be held liable for defects in title existing even prior to his ownership on the property. However, if it's a special guarantee deed, the liability of the grantor extends only for his period of ownership.
On the other hand, a grant deed assures that the title has not been conveyed to any other individual except the buyer and that the grantor has not encumbered the property with any lien.
When you're selling or buying a property, it's better to use either general or special warranty deed depending upon the type of guarantee you're looking for. For any other kind of property transfer, a grant deed may be used.
For further information on deeds, you may look at the discussions:
If it's a general warranty deed, then the guarantee it offers extends for an indefinite period of time. As such, being a grantor, you will be held liable for defects in title existing even prior to his ownership on the property. However, if it's a special guarantee deed, the liability of the grantor extends only for his period of ownership.
On the other hand, a grant deed assures that the title has not been conveyed to any other individual except the buyer and that the grantor has not encumbered the property with any lien.
When you're selling or buying a property, it's better to use either general or special warranty deed depending upon the type of guarantee you're looking for. For any other kind of property transfer, a grant deed may be used.
For further information on deeds, you may look at the discussions:
I have seen both of these type deed describe exactly opposite. One reputable reference has the grant deed defined as a much more restrictive deed, which guarantees no liens or encumberances BEFORE the grantor had the property, and the warranty deed only assures no liens while the grantor HAD the property. another expert site has tose definitions reversed. Help please.
Hi twilight,
It is possible to transfer the property through a grant deed without paying anything for it. You can mention in the grant deed that the property was purchased for $0. However, you will definitely have to pay the transfer fees, stamp doc fees, recording fees etc. You can contact an attorney and he would draft the deed for you.
Thanks
It is possible to transfer the property through a grant deed without paying anything for it. You can mention in the grant deed that the property was purchased for $0. However, you will definitely have to pay the transfer fees, stamp doc fees, recording fees etc. You can contact an attorney and he would draft the deed for you.
Thanks
I was told that in the second paragraph of the warranty deed it must state, "$10.00 cash in hand paid, and other good and valuable consideration this day paid in cash by . . . . ." is the way it must read on the warranty deed even though $10.00 is far from the amount I am paying for the land. I am wondering if this is true and if so why? I feel the amount I am actually paying for the property should be where the $10 amount is in this paragraph. Please advise.
Nancy
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Nancy
[Email address deleted as per forum rules. Thanks.]
Hi Nancy!
Welcome to forums!
Even I feel that you should mention the exact amount that you are paying in the warranty deed. I would suggest you to contact a real estate attorney and take his help in this regard. He will help you in filling out the deed in a proper way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Even I feel that you should mention the exact amount that you are paying in the warranty deed. I would suggest you to contact a real estate attorney and take his help in this regard. He will help you in filling out the deed in a proper way.
Feel free to ask if you've further queries.
Sussane
I am a church "A B C" and I added a "D" to be known as "A B C D" It has been filed with the Secretary of State but I need to change the Deed can I do this myself? and what forms will I need?
Hi molly,
I don't think you will be able to change the deed alone. You will have to inform all the other owners about the change. You would require a new grant deed in order to do so. I would suggest you to contact an attorney and take his opinion.
I don't think you will be able to change the deed alone. You will have to inform all the other owners about the change. You would require a new grant deed in order to do so. I would suggest you to contact an attorney and take his opinion.
My friend in a moment of extreme stupidity put her then boyfriend on her deed he (after he created a major stink). He then proceeded to take advantage of her and then disappear on her. It's been over 8 years since she has seen him. How can she remove him from her deed as she wants to sell the house?
hi brothwell!
welcome to forums!
it will be difficult for your friend to remove her boyfriend from the property deed unless he signs a quit claim deed in her favor. i would suggest your friend to contact an attorney and take his opinion in this matter.
feel free to ask if you've further queries.
sussane
welcome to forums!
it will be difficult for your friend to remove her boyfriend from the property deed unless he signs a quit claim deed in her favor. i would suggest your friend to contact an attorney and take his opinion in this matter.
feel free to ask if you've further queries.
sussane
we are attemting to do deed in lieu on a property deed that is held by a llc company, having 4 managing members. the bank has rejected our request stating that title held by company needs corprate resolution done by attorney. does this simply mean they want the deed transfered back from the llc to the original owners on the mortgage, & can we simply deed the property back to ourselves, as the 4 of us were the owners before we deeded the property to the llc for liability purposes.
yes guest, all the 4 owners of the property will have to sign a quit claim deed and transfer the property from the llc back to their names and then apply for a deed in lieu of foreclosure.
I have a property in which I grant deeded to a company this is no longer in business. The title deed of trust and the mortgage loan is still in my name. who legally owns the property?
I have a property in which I grant deeded to a company that no longer exists. The title deed and mortgage loan is still in my name. Who owns the property?
Great info.! Does anyone know if a quitclaim deed can be changed back into a warranty deed? We had the warranty deed but made a change between family and now have a quitclaim, which I have been told is the lowest form of deed. I would like to change it back, but not sure how. Thanks!
Hi Candice!
Welcome to forums!
As far as I know, yes, the quitclaim deed can be changed back into a warranty deed. You need to contact a real estate attorney and he will assist you with the whole process.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, yes, the quitclaim deed can be changed back into a warranty deed. You need to contact a real estate attorney and he will assist you with the whole process.
Feel free to ask if you've further queries.
Sussane
Hello,
I am in the process of helping my mom and sister work out the transfer title on the grant deed. The situation is that we are trying to remove my mom's name so only my sister will be the owner of the home. I am not sure what the tile will be for my sister once she takes sole ownership of the house. I realized that joint tenant, you must have two people. Is the grant deed the right form to use?
Please advise.
Thank you in advance.
I am in the process of helping my mom and sister work out the transfer title on the grant deed. The situation is that we are trying to remove my mom's name so only my sister will be the owner of the home. I am not sure what the tile will be for my sister once she takes sole ownership of the house. I realized that joint tenant, you must have two people. Is the grant deed the right form to use?
Please advise.
Thank you in advance.
Hi James!
Welcome to forums!
Please refer to: http://www.mortgagefit.com/Mortgage-Basics/How-to-remove-ones-name-on-a-grant-deed-form.html in order to find your query answered.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Please refer to: http://www.mortgagefit.com/Mortgage-Basics/How-to-remove-ones-name-on-a-grant-deed-form.html in order to find your query answered.
Feel free to ask if you've further queries.
Sussane