This form is a Special Warranty Deed where the Grantors are two individuals and the Grantee is an individual. Grantors convey and specially warrant the described property to the Grantee. The Grantors only warrant and will defend the property only as to claims of persons claiming by, through or under Grantors, but not otherwise. This deed complies with all state statutory laws.
Pennsylvania Special Warranty Deed - Two Individuals to One Individual
Category:
State:
Pennsylvania
Control #:
PA-037-78
Format:
Word;
Rich Text
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Description
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Key Concepts & Definitions
Special Warranty Deed: A special warranty deed is a legal document used to transfer property ownership where the grantor guarantees the title only against defects arising during their period of ownership and not before that. Two Individuals to One: This phrase typically refers to a situation in which two individuals jointly owning property transfer the title to only one party, either between themselves or to a third party.
Step-by-Step Guide
- Determine the Type of Deed: Confirm that a special warranty deed is the appropriate document for your property transfer.
- Gather Necessary Information: Collect details about the property and the parties involved, including legal names and accurate property descriptions.
- Prepare the Deed: Draft the deed or seek legal assistance to ensure all legal terminologies and conditions are correctly applied. Include the specific clause limiting the warranty.
- Signature & Notarization: Have the deed signed by the current owners in the presence of a notary.
- Record the Deed: File the deed with the appropriate county clerk's office to make the transfer official and public.
Risk Analysis
- Limited Protection: The buyer is only protected against title issues that arose during the period when the sellers owned the property.
- Potential disputes: Future claims or undisclosed issues from previous owners could arise, impacting the new owner.
- Legal implications: Incorrect execution of this deed can lead to disputes or a void transaction.
Best Practices
- Legal Consultation: Always consult with a real estate attorney or a professional to avoid common mistakes and ensure the deed conforms to local laws.
- Comprehensive Review: Review the propertys title history thoroughly to identify any potential issues prior to transfer.
- Clear Terms: Clearly state the terms of property transfer and ownership responsibility in the deed.
FAQ
- What does a special warranty deed protect against? It protects against title defects that might have arisen only during the tenure of the current owners possession.
- Can a special warranty deed be changed into a general warranty deed? No, but a new deed with broader coverage can be executed.
- Is a special warranty deed common when transferring property from two individuals to one? Yes, it's common in scenarios involving divorces, business dissolutions, or when simplifying joint ownership structures.
Summary
The 'special warranty deed two individuals to one' process involves careful legal preparation and understanding of its limited scope of protection. It primarily offers a warranty against issues from the grantors' period of ownership, thus requiring careful consideration and often the guidance of a legal professional.
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FAQ
Today's question is is it possible to deed real estate to someone without them knowing it? Strictly speaking, the answer is no. Because it does not meet the acceptance element of a valid deed transfer. Us lawyers must learn to speak in elements because it governs everything that we do.
Yes you can. This is called a transfer of equity but you will need the permission of your lender. If you are not married or in a civil partnership you may wish to consider creating a deed of trust and a living together agreement which we can explain to you.
To add a co-owner, the bank would have to create a new home loan agreement, which must be registered after paying the due stamp duty and registration charges. The bank would also insist on making the co-owner a co-borrower in the home loan applicable.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
Special warranties allow the transfer of property title between seller and buyer. The purchase of title insurance can mitigate the risk of prior claims to the special warranty deed.
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
If you've recently married and already own a home or other real estate, you may want to add your new spouse to the deed for your property so the two of you own it jointly. To add a spouse to a deed, all you have to do is literally fill out, sign and record a new deed in your county recorder's office.
To add a name to a house deed in Pennsylvania, a new deed is prepared. The owner can prepare his own deed or contact an attorney or document service to provide one. Using an attorney is the best route because the attorney ensures that the deed is prepared per the requirements of the state.