Warranty Deed Vs Gift Deed In Collin
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FAQ
A warranty deed is generally obtainable through the office of a real estate agent or using an online template. Regardless of how you get a warranty deed, ensure both the grantor and grantee signed the document in the presence of a qualified notary.
A general warranty deed must include the following to be valid: The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
To make the form legally binding, you must sign it in front of a notary public. Who can prepare a warranty deed in Texas? At Texas Property Deeds, all General Warranty Deeds are prepared by a Texas licensed attorney Board Certified by the Board of Legal Specialization in Residential Real Estate Law.
In Texas, you record your deed with the County Clerk in the county where the property exists. If the property is in more than one county, record it in each. It is important to record your deed.
Gift deeds are one option in Texas for transferring real property to someone who is not included on the original deed. They can be either a special warranty deed or a general warranty deed. The gift deed transfers property ownership as a gift. The person making the gift, the grantor, wants nothing in return.
Furthermore, a court will also generally make the assumption (called a “presumption” in the law), that a valid delivery occurred if the grantee has possession of a properly executed deed, with certain exceptions. You do not have to record the deed to make the transfer valid between the parties.
The primary risk associated with a Special Warranty Deed lies in its scope of protection. This deed only covers the period the grantor owned the property, meaning the buyer takes on a risk of potential issues arising from before that period, which the grantor is not obliged to address.
Cons of Manufacturer Warranties Limited Coverage Scope: Manufacturer warranties often have limitations on the specific components or issues they cover. Certain parts or conditions may be excluded from the warranty coverage, requiring you to review the warranty terms and conditions carefully.
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 there's a title company/title insurance being purchased.
