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All deeds are to be signed in front of a Notary Public (just the Grantor) and the Grantee is to also sign the Certificate of Residency. Afterwards the deed may be filed with the Recorder's Office in the jurisdiction of the 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 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.
The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost. 1% to buyer, 1% to seller; however payment is dictated by the sales contract.
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: A "special warranty" deed is the type of deed used most frequently in Pennsylvania real estate sales. It essentially represents that the seller did nothing to weaken the status of title from the time that he/she received it.A "quit-claim" deed is a deed that contains no warranties at all.
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.
To be able to execute a valid deed the grantor must have legal capacity. The person transferring title to or an interest in real property to a grantee.That part of a deed beginning with the words "to have and to hold," following the granting clause, and defining the extent of ownership the grantor is conveying.
To transfer property in Pennsylvania, you'll need to prepare and execute a deed and record it in the county where the property is located. If the transfer was in exchange for money, you'll have to pay transfer tax.