Utah Mineral Deed with Limited Warranty is a legally binding document used in the state of Utah to transfer ownership of mineral rights from one party to another. It identifies and describes the specific minerals, such as oil, gas, coal, or other valuable substances, that are being transferred. The limited warranty aspect of this deed implies that the granter (the current owner) guarantees that they have not already sold or encumbered the minerals and that they have the right to transfer them. However, the limited warranty does not provide absolute protection against any defects in title that may exist. There are various types of Utah Mineral Deeds with Limited Warranty: 1. General Utah Mineral Deed with Limited Warranty: This type of deed transfers ownership of all minerals owned by the granter within a specific property, without any exceptions. 2. Limited Utah Mineral Deed with Limited Warranty: This deed transfers ownership of specific minerals but excludes others. It clarifies which minerals are being conveyed and which are being retained by the granter. 3. Partial Utah Mineral Deed with Limited Warranty: This deed transfers a partial interest in the minerals. It may be a fraction or percentage of the ownership rights, allowing the granter to retain a portion of the minerals. 4. Special Utah Mineral Deed with Limited Warranty: This deed includes special conditions or restrictions that may apply to the transfer of minerals. These conditions could restrict the use of the minerals, specify extraction methods, or dictate royalty payments, among other provisions. When executing a Utah Mineral Deed with Limited Warranty, it is crucial to ensure proper recording with the appropriate county recorder's office in Utah. This is necessary to provide notice to potential buyers and to establish a clear chain of title. It is also recommended consulting with an experienced attorney or real estate professional to ensure the deed accurately reflects the granter's intentions and that the transfer is conducted in compliance with applicable laws and regulations. In conclusion, a Utah Mineral Deed with Limited Warranty is a legal instrument used to transfer ownership of mineral rights in Utah. The limited warranty aspect offers some assurances to the grantee, but it is essential to exercise due diligence and professional guidance when dealing with mineral rights transactions.
Utah Mineral Deed with Limited Warranty
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How to fill out Mineral Deed With Limited Warranty?
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Use the corrective deed to amend a previously recorded deed of conveyance with an error that could affect title. An error in a document can be corrected in one of three ways in Utah: by recording an affidavit, by re-recording the original document, and by recording a new document.
Release of security interest. "Revolving credit line" means an agreement between the borrower and a secured lender who agrees to loan the borrower money on a continuing basis so long as the outstanding principal amount owed by the borrower does not exceed a specified amount.
A Utah special warranty deed allows for the ownership transfer of real estate with the guarantee that no claims have been made during the grantor's period. The grantee will be responsible for any claims made prior to the grantor's ownership.
The main difference between a grant deed vs. warranty deed is the level of protection offered. A warranty deed offers a higher level of protection than a grant deed. With a grant deed, the grantor is guaranteeing that they haven't sold the property to anyone else, and that it is clear of any liens or restrictions.
What Is a Special Warranty Deed? A special warranty deed is a deed to real estate where the seller of the property?known as the grantor?warrants only against anything that occurred during their physical ownership.
A special warranty deed?also known as a limited warranty deed?is a variation of the general warranty deed. While the word "special" may communicate to a buyer the idea that the deed is of higher quality, the special warranty deed is less comprehensive. It offers less protection due to the limited timeframe it covers.
A special warranty deed form is defined by its warranty of title. In Utah, the warranty of title is defined by Utah Code § 57-1-12.5 to include the following covenants: That the property is free from all ?encumbrances? (mortgages, liens, etc.) made by the grantor other than those disclosed in the deed; and.
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
