Warranty deeds were associated with real estate business and there are different types of deeds used for many purposes. Basically, warranty deeds were to offer the buyer protection also the deed includes property’s legal description and ownership details and the names of the persons of those transferring the property. Having zero experience in real estate then it is best to begin by learning about the deeds which will be useful on buying or selling the property without any issue. Being a seller it is good to know about the special warranty deed for selling the property through providing all clearance so that no need to be responsible for any issue after transferring the ownership. This deed should be not only known by the seller also buyer has to learn about this deed for making safer property transaction.
Special warranty deed is a kind of deed that relates with real estate and in this deed the person who sells the property is known as grantor and buyer as grantee. According to this deed grantor gives assurance for the property against anything that happened at the time of their physical ownership. Based on the special warranty deed seller is not guaranteed for any defects on the property that took place before their ownership period.
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Facts to be known about special warranty deed
- A special warranty deed is a legal document which is used for transferring ownership title of property from one person to another.
- Special warranty deeds were known in various names are grant deed, covenant deed and limited warranty deed.
- This deed declares that the seller of the property only assures against the issues that occurred during their possession on the property.
- This deed gives warranty on two things to the buyer as it guarantees that the grantor owns the property title and rights to sell it. Also it assures that the grantor has no mortgage or any claim on the property at the time of their ownership.
- Also this deed is useful for the buyer as it warranty the buyer that they are not responsible for any legal action or problems related with the title that caused by the previous property owner.
- Mostly this deed is used during commercial property transactions whereas it is not highly preferred during residential property transaction.
What are the details have to be included in a special warranty deed?
Generally, any kind of deed must contain several informations and it must include name and address of both grantor and grantee of the property. It should contain legal description about the property and must include the statement that the seller intends to transfer the property to the buyer. In order to qualify the deed as a special warranty deed has to some more details. It must state that the grantor is the legal owner of the property and have legal right for transferring the property to another person. Also have to warrant for no claim against the property by anyone during the possession of grantor. Grantor assures for the clear title on the property at their ownership period and the grantee is not responsible for any claim of any issue on the property which occurred during grantor ownership.