Minnesota Warranty Deed from Individual to Individual
Description
Definition and meaning
A Minnesota Warranty Deed from Individual to Individual is a legal document used to transfer ownership of real property from one individual to another. This form guarantees that the property being conveyed is free of any liens or encumbrances, except those expressly mentioned in the document. The seller, known as the 'Grantor,' warrants that they hold clear title to the property and have the right to sell and convey it to the buyer, referred to as the 'Grantee.'
How to complete a form
To properly complete the Minnesota Warranty Deed from Individual to Individual, follow these steps:
- Begin by entering the date of the transaction.
- Specify the name of the Grantor and Grantee, including their marital status.
- Provide a detailed description of the property being transferred, referencing any prior documents as necessary.
- Indicate any exceptions or reservations related to the property, such as mineral rights.
- Sign the document in front of a notary public.
Who should use this form
This form is suitable for individuals engaging in a property transfer in Minnesota. It is often used by homeowners selling their property to another individual or two individuals entering a property agreement. It's ideal for those who want to ensure their property transfer is legally binding and clearly documented.
Key components of the form
The Minnesota Warranty Deed from Individual to Individual includes several essential components:
- Date of transfer: The date when the transfer of property takes place.
- Grantor and Grantee information: Names and details of the parties involved.
- Property description: Detailed information about the property, including its location and any attached descriptions.
- Warranties: The assurance provided by the Grantor regarding the title's validity.
- Notary acknowledgment: Confirmation of the Grantor's signature by a notary public.
What documents you may need alongside this one
When using the Minnesota Warranty Deed from Individual to Individual, you may need the following supporting documents:
- A valid form of identification for the Grantor.
- A Well Disclosure Certificate if there are wells located on the property.
- Certificates of Real Estate Value if applicable.
What to expect during notarization or witnessing
During the notarization process, the Grantor will present valid identification to the notary public, who will verify their identity and witness the signing of the Warranty Deed. The notary will then affix their seal and sign the document, making it official. It is advisable for Grantee or other witnesses to also be present to ensure the process is witnessed appropriately.
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FAQ
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
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.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
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.
A general warranty deed is used to transfer an interest in real estate in Minnesota in most real estate transactions. A Minnesota warranty deed conveys real property with warranty covenants to the buyer. It requires an acknowledgement of the grantor's signature.
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.
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.
A general warranty deed is used to transfer an interest in real estate in Minnesota in most real estate transactions. A Minnesota warranty deed conveys real property with warranty covenants to the buyer. It requires an acknowledgement of the grantor's signature.