Warranty Deed Vs Deed Of Trust In King
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General warranty deed It's the type of deed that offers the most buyer protection. When committing to a general warranty deed, the seller is promising there are no liens against the property, and if there were, the seller would compensate the buyer for those claims.
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 Warranty Deed — The General Warranty deed is often referred to simply as a warranty deed.
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.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.
If you have a deed but are not sure which type of deed it is exactly, here are some key elements to look for when identifying it: The presence of warranties or guarantees; The level of protection offered to the grantee; and. The specific purpose or situation for which the deed is commonly used.
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
You can obtain a warranty deed through your real estate agent's office or download an online template. All warranty deeds must include the date of the transaction, the name of the parties involved, a legal description of the property being transferred, a list of title defects and the signatures of the buyers.
General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
