North Dakota Warranty Deed from Individual to Individual
What this document covers
The Warranty Deed from Individual to Individual is a legal document used to transfer ownership of real property from one individual (the Grantor) to another individual (the Grantee). This type of deed provides a guarantee that the Grantor has clear title to the property and the right to transfer it. Unlike other deeds, such as quitclaim deeds, this warranty deed comes with certain warranties and assurances regarding the ownership, making it a more secure option for the Grantee.
What’s included in this form
- Identification of the Grantor and Grantee.
- Description of the property being transferred.
- Full consideration amount for the property.
- Reservation clause for oil, gas, and minerals.
- Notary acknowledgment section for validation.
State-specific compliance details
This form complies with the statutory laws of the state of North Dakota. Ensure that you verify any additional requirements that may affect the execution of this deed in your specific circumstance.
When to use this document
This form should be used when an individual wishes to transfer ownership of property to another individual and wants to provide assurances regarding the title of that property. This situation often arises during sales of real estate, inheritance situations, or when gifting property. It is essential when clear ownership and transfer of rights are critical to the parties involved.
Who needs this form
This Warranty Deed is suitable for:
- Individuals selling or transferring property to another individual.
- Heirs or beneficiaries receiving property through inheritance.
- Individuals wishing to gift property to family or friends.
Steps to complete this form
- Identify the parties involved by clearly stating the names and addresses of the Grantor and Grantee.
- Provide a detailed description of the property being transferred.
- Enter the full consideration amount offered for the property.
- Fill in the date of execution and signature fields for the Grantor.
- Ensure the document is notarized as required by law.
Does this document require notarization?
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.
Common mistakes
- Failing to accurately describe the property being transferred.
- Not including the correct names of the Grantor and Grantee.
- Overlooking the need for notarization.
- Leaving the consideration amount blank.
Benefits of completing this form online
- Convenience of downloading the form instantly from anywhere.
- Editable fields make it easy to customize for your specific transaction.
- Access to templates crafted by licensed attorneys ensures legal compliance.
Form popularity
FAQ
Failure to record a deed effectively makes it impossible for the public to know about the transfer of a property. That means the legal owner of the property appears to be someone other than the buyer, a situation that can generate serious ramifications.
In order to make the Warranty Deed legally binding, the Seller needs to sign it front of a notary public. Then signed and notarized deed must be filed at the city or county office for recording property documents. Before filing with this office all previously billed property taxes must be paid in full.
Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.
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
To sign over property ownership to another person, you'll use one of two deeds: a quitclaim deed or a warranty deed.
Let's start with the definition of a deed: DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee. A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
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.