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While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
How to fill out joint tenancy warranty deed: Begin by obtaining a blank joint tenancy warranty deed form. ... Fill in the names of all parties involved in the joint tenancy. ... Clearly state the legal description of the property being transferred. ... Indicate the percentage of ownership for each joint tenant.
A special warranty deed gives the new owner partial protection against title defects?splitting the risk ing to when a defect arose.
Under joint tenancy, each co-owner retains the right to sell, give away, or transfer his or her share, but the transfer of a share without transferring all of the shares destroys the joint tenancy concerning the share transferred.
Common Types of Deeds in Oklahoma Deed TypeRights Transferred (Usually)Special Warranty DeedAllGeneral Warranty DeedAllOil, Gas, Mineral DeedAll, unless reservation presentTrustee's DeedAll, unless reservation present3 more rows
Oklahoma law assumes that a warranty deed transfers complete?or fee simple?title to real estate unless the deed specifies otherwise. If the current owner holds less than complete title, a warranty deed conveys all title and rights in the real estate the current owner has the power to convey.
What Are The Dangers Of A Special Warranty Deed? Property debts are tied to the property's title, so buyers agreeing to a special warranty deed assume all responsibility for any liens or claims against the property that may have existed prior to the seller's ownership.
A general warranty deed?like other deed forms?must satisfy all criteria generally applicable to Oklahoma deeds. Among other things, a warranty deed must be correctly formatted,35 include a legal description of the real estate,36 and state the new owner's name and address on the face of the document.