Warranty Deed Vs Deed In Philadelphia
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FAQ
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
Material Defect: This type implies more significant errors like wrong legal descriptions of properties, missing names of grantees, or invalid grantor representation. Breach of Warranty: This type occurs when the property seller or 'grantor' cannot or does not meet the legal assurances provided in the warranty deed.
A warranty deed is a legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). The form usually includes a description of the property and discloses all known encumbrances like easements, outstanding liens or judgments.
The deed must meet the format and content requirements in Pennsylvania law. It should specify the grantor, grantee, and property details. The property description must be legally sufficient - a real estate lawyer in Philadelphia can research the prior deeds and draft an accurate description.
To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.
Each Pennsylvania warranty deed must meet all Pennsylvania recording requirements. The deed must be correctly formatted and include the information needed for a valid transfer—such as the names of the grantor and the grantee, a legal description of the property, and any notices required by Pennsylvania law.
The deed must have a minimum 10-point font and one-inch margins on all pages. The deed must identify the municipality and county where the real estate property is located. The deed must include a notary's acknowledgment for any signature on it. The deed must include relevant information about any transfer taxes due.
No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
While a general warranty deed promises that the property has no outstanding mortgages, debts, liens, or encumbrances on the property now and from all previous owners of the property, a special warranty deed only promises this to be true during the period the grantor owned the property.
