A New York Warranty Deed for Surface and Mineral Interests with Multiple Granters is a legal document used in real estate transactions to transfer ownership of both the surface and mineral rights of a property from multiple granters to one or more grantees. This type of deed guarantees that the granters have full legal rights to sell the property and that they will defend the title against any claims. In New York, there are a few variations of the Warranty Deed for Surface and Mineral Interests with Multiple Granters, including: 1. General Warranty Deed: This is the most common type of warranty deed where the granters, who may include multiple parties, guarantee clear and marketable title to the property. They also provide warranties against any claims or encumbrances on the property, both known and unknown. 2. Special Warranty Deed: Similar to the general warranty deed, this type of deed also guarantees clear title, but only for the period the granter owned the property. It protects against any claims or encumbrances that occurred during their ownership but will not cover any issues prior to their ownership. 3. Quitclaim Deed: This type of deed is often used when the granter is unsure about their ownership rights or when there is an element of uncertainty. The granter transfers whatever interest they may have in the property without any warranties or guarantees. It does not provide the same level of protection as a general or special warranty deed, as it simply releases any claim the granter may have in favor of the grantee. When using a New York Warranty Deed for Surface and Mineral Interests with Multiple Granters, it is crucial to ensure that all relevant information is included. The deed should contain the names and addresses of all granters and grantees, a detailed legal description of the property, and any specific terms or conditions of the transfer. It must also be properly executed, signed, and notarized to be legally binding. In conclusion, a New York Warranty Deed for Surface and Mineral Interests with Multiple Granters is a vital document that enables the transfer of both surface and mineral rights ownership in a real estate transaction. Whether it is a general warranty deed, special warranty deed, or quitclaim deed, careful attention should be given to ensure accuracy and legal compliance when completing the document.
New York Warranty Deed for Surface and Mineral Interests with Multiple Grantors
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Warranty deed pros and cons BenefitsDrawbacksShows that the title has no outstanding debt claims or liens.Buyer protection differs between general and special warranty deeds.Can be used to prove ownership to lenders.Does not replace title insurance, which may be necessary with a special warranty deed.1 more row ?
A special warranty deed in 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.
General Warranty Deed ? The General Warranty deed is often referred to simply as a warranty deed. It is a deed conveying title where the seller (grantor) makes six covenants or promises to the buyer (grantee) as part of the conveyance.
If a defect in the title arises years before the grantor owned the property, then the grantor is still liable under the covenants for title. General warranty deeds guarantee to the grantee that the property is being transferred free and clear, or without any encumbrances or limitations.
A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.
A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during his ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.
This kind of deed provides a limited guarantee, whereby the grantor, or seller), guarantees that he/she has not made any encumbrances or claims and will defend, on behalf of the buyer, any claims arising only during the period the grantor holds the title.
covenantandwarranty deed is a written document that shows the transfer of ownership of land from one person to another. It guarantees that the seller has the legal right to sell the property and promises to protect the buyer from any future legal claims against the property.
In a warranty deed with lien covenant, the grantor is guaranteeing the grantee that there are no outstanding liens on the property and if such a lien would appear, then it would be the duty of the grantor to satisfy that lien. A warranty deed with lien covenant is common in New York.
A covenant is a formal agreement or promise, usually included in a contract or deed, to do or not do a particular act. Covenants are particularly relevant in the fields of contract law and property law. An example of a contractual covenant is a non-compete agreement.