General Warranty Deed (To Joint Tenants with Right of Survivorship)
Definition and meaning
A General Warranty Deed (To Joint Tenants with Right of Survivorship) is a legal document used to transfer ownership of real property from one party (the Grantor) to multiple parties (the Grantees) as joint tenants. This arrangement means that both tenants have equal ownership rights, and importantly, if one tenant passes away, their share automatically transfers to the surviving tenant, bypassing probate.
How to complete a form
To fill out the General Warranty Deed form, follow these steps:
- Start with the name of the Grantor, who is transferring the property.
- Specify the names of the Grantees who will hold the property as joint tenants.
- Provide a detailed description of the property being conveyed, including its location and boundaries.
- Include a statement ensuring the property is free of encumbrances, except for disclosed easements.
- Indicate the date of signing and provide space for the Grantor’s signature, along with the necessary acknowledgment.
Who should use this form
This form is ideal for individuals or couples wanting to co-own property and ensure that, upon the death of one party, the other party retains full ownership without complications. It’s commonly used by partners, family members, or friends who wish to have joint ownership with the automatic right of survivorship.
Key components of the form
The key components of the General Warranty Deed include:
- Grantor: The person transferring ownership.
- Grantees: The individuals receiving ownership.
- Property Description: A detailed description of the real estate being conveyed.
- Warranties: Assurances that the title is clear and free from encumbrances.
- Date and Signatures: The date of execution and signatures of the parties involved.
Legal use and context
The General Warranty Deed is a widely recognized method of real estate transfer in the United States. It serves legal purposes by providing a warranty to the Grantees regarding the condition of the title. This means that if any legal issues regarding property ownership arise in the future, the Grantor is responsible for resolving them, assuring the Grantees of their ownership rights.
Common mistakes to avoid when using this form
When completing a General Warranty Deed, users should be aware of these common errors:
- Failing to provide a complete property description, which could lead to legal disputes.
- Omitting the necessary signatures or acknowledgments.
- Not verifying the Grantor's authority to sell the property.
- Forgetting to check for any existing liens or encumbrances on the property.
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FAQ
A Survivorship Deed transfers residential or commercial property from one property owner (the grantor) to another (the grantee) while allowing them to avoid going through probate when they (the grantor) passes away. The parties transferring property in a Survivorship Deed must have full ownership of the property.
To hold a real estate property in joint tenancy, you and the co-owners have to write the abbreviation for joint tenants with the right of survivorship, or JTWROS, on the official real estate deed or title. This creates a legally binding joint tenancy.
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.
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
Joint Tenancy With Survivorship In this arrangement, tenants have an equal right to the account's assets. They are also afforded survivorship rights in the event of the death of another account holder. In simple terms, it means that when one partner or spouse dies, the other receives all of the money or property.
With a Survivorship Deed in place, when one of the parties in a joint tenancy dies, the other party (or parties) takes over the deceased party's interest in the property instead of it passing to the deceased's heirs or beneficiaries.
The General Rule. In the great majority of states, if you and the other owners call yourselves "joint tenants with the right of survivorship," or put the abbreviation "JT WROS" after your names on the title document, you create a joint tenancy. A car salesman or bank staffer may assure you that other words are enough.
