Mississippi Special Warranty Deed
About this form
A Special Warranty Deed is a legal document used in property transactions that transfers ownership of real estate from a seller to a buyer. Unlike a general warranty deed, which guarantees the property title against all claims, a Special Warranty Deed limits the seller's liability to claims arising only during their period of ownership. This makes it an essential tool in real estate transactions where the seller wishes to provide limited guarantees about the title.
Key components of this form
- Parties involved: Names and addresses of the grantor (seller) and grantee (buyer).
- Description of the property: Legal description and address of the real estate being transferred.
- Consideration amount: The price paid for the property, typically stated in numeric and written form.
- Granting clause: The statement that embodies the transfer of property rights from the seller to the buyer.
- Signature lines: Spaces for the grantor's signature and any required witnesses or notaries.
Common use cases
This form is necessary when transferring real estate ownership where the seller only guarantees the title for their period of ownership. It is often utilized in commercial real estate transactions, transfers between family members, or any situation where a seller wants to limit exposure to past claims on the property.
Intended users of this form
- Property owners looking to sell their real estate with limited warranty.
- Buyers who want to ensure they are not held responsible for title issues prior to the seller's ownership.
- Real estate agents and attorneys involved in property transactions.
How to prepare this document
- Identify the parties: Clearly enter the names and addresses of the seller and buyer.
- Specify the property: Provide a detailed legal description and address of the property being transferred.
- Enter the consideration amount: State the sale price in both numerals and words.
- Fill in the granting clause: Make sure the clause accurately reflects the intention to transfer ownership.
- Obtain signatures: Ensure the grantor signs the deed in the presence of witnesses or a notary, if required.
Notarization requirements for this form
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, 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.
Typical mistakes to avoid
- Failing to provide a complete legal description of the property.
- Omitting the consideration amount or entering it inaccurately.
- Not signing the deed in front of necessary witnesses or notaries.
- Using outdated or incorrect legal language that does not comply with state laws.
Why use this form online
- Convenience: Download and fill out the form at your own pace.
- Editability: Customize the template to fit your specific transaction needs.
- Accessibility: Availability at any time, allowing for immediate use when needed.
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FAQ
Unlike a warranty deed or special warranty deed, a quitclaim deed makes no assurances whatsoever about the property.For example, in a divorce situation where one spouse deeds the house to the other spouse. Quitclaim deeds are commonly used to transfer real property to an LLC or a living trust.
A warranty deed, also known as a general warranty deed, is a legal real estate document between the seller (grantor) and the buyer (grantee). The deed protects the buyer by pledging that the seller holds clear title to the property and there are no encumbrances, outstanding liens, or mortgages against it.
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.
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.
It will not protect against title issues that arose prior to the time the seller took occupancy. Consequently, it offers less protection to buyers, and more protection to sellers, than a general warranty deed, which is the most common option for selling or buying a property.
A special warranty deed is common when a house has been foreclosed on by a bank because the previous owner did not pay their mortgage.The special warranty deed that the bank provides to the new buyer provides no protection for the period of time before the bank took ownership of the property.
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
This can give you full confidence to buy because you know that should any claims against the property or liens arise, it can hold the seller legally liable.A special warranty deed only serves as a guarantee that there are no problems with the title outstanding from when the current seller owned the property.
Special warranty deeds are most commonly used with commercial property transactions. Single-family and other residential property transactions will usually use a general warranty deed. Many mortgage lenders insist upon the use of the general warranty deed.
