This form is a Special Warranty Deed where the grantor is a corporation and the grantee is a corporation. Grantor conveys and specially warrants the described property to the grantee. The grantor only warrant and will defend the property only as to claims of persons claiming by, through or under grantor, but not otherwise. This deed complies with all state statutory laws.
Pennsylvania Special Warranty Deed - Corporation to Corporation
Category:
State:
Pennsylvania
Control #:
PA-033-78
Format:
Word;
Rich Text
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Description
Definition and meaning
A Pennsylvania Special Warranty Deed is a legal document used to transfer property ownership between corporations in the state of Pennsylvania. This deed serves as a guarantee that the grantor (the corporation transferring the property) holds the title and has the right to convey it. Unlike a general warranty deed, a special warranty deed limits the grantor’s liability to claims made during their period of ownership, protecting them from issues that arose prior to their acquisition of the property.
Who should use this form
This form is appropriate for corporations that are looking to transfer real estate property to another corporation in Pennsylvania. It is typically used in business transactions where one corporate entity sells or conveys real estate to another corporate entity. Both parties should ensure they understand their rights and responsibilities before completing the transfer.
How to complete a form
To complete the Pennsylvania Special Warranty Deed, follow these steps:
- Start by filling in the names of the Grantor and Grantee, including their corporate status and addresses.
- Provide the legal description of the property being conveyed, which can usually be found in prior deeds or property records.
- Include any prior instrument reference, such as book and page numbers where applicable.
- Sign the deed in front of a notary public, ensuring that the corporation's representative has the authority to execute the document.
- Complete the certification of the Grantee’s address.
Always double-check the completed form for accuracy and ensure all required information is included.
Key components of the form
The essential components of the Pennsylvania Special Warranty Deed include:
- Grantor Information: The corporation transferring the property must include its name and details.
- Grantee Information: The corporation receiving the property must be clearly identified.
- Legal Description: A detailed description of the property being conveyed, often found in previous deeds.
- Consideration: The payment or value exchanged for the property, typically documented as a nominal amount.
- Signatures: Must include the signatures of authorized representatives from both the Grantor and Grantee.
- Notarization: The document must be notarized to be legally binding.
What to expect during notarization or witnessing
During the notarization of the Pennsylvania Special Warranty Deed, a notary public will verify the identities of the individuals signing the deed. Both the Grantor’s and Grantee’s representatives should provide identification. The notary will witness the signing and affix their seal to the document, confirming the authenticity of the signatures. This step is crucial as it provides legal protection against disputes regarding the validity of the deed.
State-specific requirements
In Pennsylvania, a Special Warranty Deed must comply with specific state laws. These requirements include:
- The deed must be executed in writing and signed by the Grantor.
- It must be notarized to be enforceable.
- The deed must be recorded in the office of the county recorder where the property is located to provide public notice of the transfer.
- The legal description of the property must be accurate and clear to avoid disputes regarding property boundaries.
Failure to meet these requirements may result in delays or legal issues concerning the property transfer.
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FAQ
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.
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: 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.
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.
A special warranty deed is a deed to real estate where the seller of the propertyknown as the grantorwarrants only against anything that occurred during their physical ownership. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.
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.
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.
A warranty deed can be revoked. In most situations, the person signing the deed needs the cooperation of the person who received the deed to revoke it. If the deed was prepared to transfer property between family members or close friends, this might not be a problem.
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.