Arizona Sample Letter for Sale of Property and Corrected Warranty Deed
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How to fill out Sample Letter For Sale Of Property And Corrected Warranty Deed?
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FAQ
There are three types of deeds that are typically used: warranty deeds, special warranty deeds, and quit claim deeds. A warranty deed, sometimes referred to as a general warranty deed, transfers ownership of real property with warranties to the Grantee.
What is the difference between a general warranty deed and a special warranty deed? Answer: A general warranty deed is a warranty of good title by a seller from the beginning of time. A special warranty deed is a warranty of good title by a seller only during the time of ownership.
Simply put, a deed is a written instrument that is used to convey (or to give) ownership to someone else. You can think of it as a receipt that a seller (the giv-or) gives to the new owner. In this situation, the seller (giv-or) is the grantor (grant-or). Making the new owner in this situation the grantee (grant-ee).
An Arizona general warranty deed is a property transfer tool where the grantee (buyer) receives property with the promise from the grantor (seller) that the title is free and clear of any defects. Defects could include mechanics liens against the title, outstanding mortgages, and easements.
The most common deed form in Arizona is the warranty deed. Warranty deeds provide protection to the buyer in the form of a warranty by the seller that guarantees no issues with the title.
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. Mainly for this reason, general warranty deeds are the most commonly used type of deed in real estate sales.
The most common deed form in Arizona is the warranty deed. Warranty deeds provide protection to the buyer in the form of a warranty by the seller that guarantees no issues with the title. Quitclaim deeds are available in Arizona, but often not insurable.
Arizona Revised Statutes § 33-401 lays out the formal requirements for conveyance of property. All transfers of property in Arizona must be in writing. The deed must be signed by the grantor and notarized by an authority granted those duties in the state.
