Warranty Deed Vs Deed In Phoenix
Description
Form popularity
FAQ
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.
The signer requirements for an Arizona general warranty deed include the grantor or seller signing the deed in the presence of a Notary Public. If the grantor is married, it is also imperative that the spouse signs the deed to acknowledge the property transfer.
A warranty deed alone does not prove ownership. It represents the transfer of ownership rights but must be recorded with the county recorder's office to finalize the ownership change.
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.
Their home to a family member via a deed while alive. That transfer. Usually takes precedence. OverMoreTheir home to a family member via a deed while alive. That transfer. Usually takes precedence. Over what is stated in their will The legal principle that supports.
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.
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.
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.
In summary, a Special Warranty Deed offers a moderate level of protection to the buyer and is less comprehensive than a General Warranty Deed. It's particularly common in certain types of real estate transactions where the seller cannot or does not want to vouch for the property's entire title history.
The main difference between these deeds is that general warranty deeds apply to the entire history of a piece of land while special warranty deeds only cover the period of time that the previous owner (the grantor) has held the land.
