Maryland Warranty Deed from Corporation to Two Individuals
What is this form?
The Warranty Deed from Corporation to Two Individuals is a legal document that transfers property ownership from a corporation (the Grantor) to two individuals (the Grantees). This warranty deed ensures that the Grantor guarantees the title to the property, free from encumbrances, except for specific reservations like oil, gas, and minerals. Unlike other types of deeds, this document is specifically tailored for transactions where one corporation conveys property to two individuals, providing a higher level of assurance regarding the property title's validity.
What’s included in this form
- Description of the property being conveyed
- Identification of the Grantor (corporation) and Grantees (individuals)
- Reservation clause for oil, gas, and minerals
- Covenant of title by the Grantor
- Provisions for joint tenancy with right of survivorship
- Notary acknowledgment section to validate the deed
When this form is needed
This form should be used when a corporation wishes to transfer property to two individuals, ensuring the individuals hold the property as joint tenants. It is especially relevant in situations where the Grantor wants to guarantee the title to the property and reserve certain rights regarding natural resources beneath the land. Common scenarios include transferring real estate as part of estate planning, joint investments in property, or to simplify ownership arrangements among family members or business partners.
Who can use this document
- Corporations transferring real property to individuals
- Individuals looking to hold property jointly with survivorship rights
- Estate planners or real estate professionals managing property transfers
How to prepare this document
- Identify the parties involved: the corporation as the Grantor and the two individuals as the Grantees.
- Describe the property being transferred, including any necessary legal descriptions.
- State the reservation of any rights regarding oil, gas, and minerals.
- Include the necessary certifications and signatures from the corporationâs authorized representatives.
- Have the document notarized in accordance with local laws.
Notarization guidance
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include a complete legal description of the property.
- Not obtaining the needed notarization, which can invalidate the deed.
- Leaving out the reservation clause for natural resources, if applicable.
- Not specifying the intent for joint tenancy, which can lead to ownership disputes.
Advantages of online completion
- Convenient access to legal documents from anywhere at any time.
- Edit and customize the form to meet your specific situation.
- Reliable templates prepared by licensed attorneys to ensure compliance with legal standards.
Quick recap
- This form facilitates the transfer of property from a corporation to two individuals.
- It includes warranties on the title and specific reservations for natural resources.
- The deed requires notarization for legal validity.
- Proper completion is essential to avoid common pitfalls associated with property transfers.
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FAQ
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
After your Warranty Deed has been recorded at the County Clerk's Office, it can be sent to the grantee. However, any person or corporation can be designated as the recipient of the recorded Warranty Deed.
Special warranties allow the transfer of property title between seller and buyer. The purchase of title insurance can mitigate the risk of prior claims to the special warranty deed.
The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.
To change the names on a real estate deed, you will need to file a new deed with the Division of Land Records in the Circuit Court for the county where the property is located. The clerk will record the new deed.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.