Warranty Deed Vs Grant Deed In Philadelphia
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FAQ
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.
There are several different types of deeds used in Pennsylvania real estate transactions. The most common are general warranty deeds, extraordinary warranty deeds, and quitclaim deeds.
A grant deed, also known as a special or limited warranty deed, is a legal document used to transfer real estate between a previous owner (the grantor) and a new owner (the grantee).
The key difference between the two is that with a warranty deed, the grantor is guaranteeing that they will defend the title of a property, in the present and in the future. This leaves an opening for the grantee to sue the grantor if any issues with the title arise, at any point in time.
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.
The “warranty deed” is like a grant deed, except that it contains additional promises. Specifically, a warranty deed expressly warrants the title to the property and the quiet possession of the property the grantee.
Yes. But it is usually a good idea to have someone with certain expertise in the field such as an attorney or title company prepare it for you to make sure it's correct.
The main difference between a grant deed vs. warranty deed is the level of protection offered. A warranty deed offers a higher level of protection than a grant deed. With a grant deed, the grantor is guaranteeing that they haven't sold the property to anyone else, and that it is clear of any liens or restrictions.
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.
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.