A Virginia Warranty Deed for Surface with Limited Warranty is a legal document used in real estate transactions in the state of Virginia. This type of deed provides a limited warranty to the buyer, ensuring that the seller guarantees they own the surface rights to the property and have the right to transfer them. The Virginia Warranty Deed for Surface with Limited Warranty serves as proof of ownership for the surface rights of the property. It is typically used when a seller wants to transfer the surface rights but does not want to provide a full warranty guaranteeing the condition of the property or any potential title issues. This type of deed includes important information such as the names of the seller (granter) and buyer (grantee), a legal description of the property, and the purchase price. It also outlines the limited warranty that the seller provides, which typically states that they have not encumbered the surface rights and have the legal authority to transfer them. There are different variations of the Virginia Warranty Deed for Surface with Limited Warranty, including: 1. General Warranty Deed: This type provides the highest level of protection to the buyer, as it guarantees the seller's ownership and protects against any defects in title, whether they occurred before or during their ownership. 2. Special Warranty Deed: This variation limits the seller's warranties to only the time they owned the property. It protects the buyer against any defects or title issues that arose during the seller's ownership but does not cover any previous defects. 3. Quitclaim Deed: This type of deed offers the least protection to the buyer. It simply transfers the seller's rights and interests in the property without making any guarantees about the ownership or title. In summary, a Virginia Warranty Deed for Surface with Limited Warranty is a legal document used to transfer surface rights in real estate transactions in Virginia. It provides a limited warranty from the seller, ensuring that they own and have the right to transfer the surface rights but does not guarantee the condition of the property or protect against all title issues. Different variations of this deed include the General Warranty Deed, Special Warranty Deed, and Quitclaim Deed.
Virginia Warranty Deed for Surface with Limited Warranty
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How to fill out Virginia Warranty Deed For Surface With Limited Warranty?
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Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only "remises, releases, and quitclaims" their interest in the property to the grantee. There are no warranties or promises regarding the quality of the title.
Quitclaim Deeds are commonly used in real property transactions involving family members or trusts. Grant Deeds are commonly used in arms-length real estate transactions that are typically completed through brokers and attorneys.
Special warranty deed. In a special warranty deed, the grantor only promises that no claims have made been against the property during the period of their ownership, and makes no guarantee about any time period before that. This is also sometimes called a limited warranty deed.
A quitclaim deed is a deed by which a grantor transfers only the interest the grantor has at the time the conveyance is executed. There are no implied warranties in connection with a quitclaim deed.
General Warranty Deed It offers the highest level of protection to the buyer because it guarantees that there are absolutely no problems with the home ? even dating back to prior property owners. This quality of coverage is why most lenders will require you to get a general warranty deed when buying your house.
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.
A special warranty deed or limited warranty deed only guarantees that no title problems occurred during the time the seller has owned the property. That means the previous owner can't be held accountable for creditors' liens or other issues that occurred before they took possession of the home.
A warranty deed is a legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). The form usually includes a description of the property and discloses all known encumbrances like easements, outstanding liens or judgments.
