Washington Mineral Deed with Limited Warranty
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How to fill out Mineral Deed With Limited Warranty?
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FAQ
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
A fiduciary deed differs from other types of deeds, such as warranty deeds and quitclaim deeds, in that it does not guarantee the title to the property. Rather, it simply transfers the ownership of the property from the original owner to the new owner.
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.
Both deeds contain a promise that the grantor is conveying clear title to the property. But, the difference between the general warranty and limited warranty is the duration of that promise.
Warranty deeds are the safer option when buying property versus simply transferring ownership. Most buyers will want this option. If it is discovered that the seller did not have complete ownership of the property, the buyer can sue for breach of warranty.
In Washington, the requirements for a Warranty deed are simple: it must be in writing, contain a legal description of the property, be signed by the grantor, and the grantor's signature must be notarized.
Under RCW 64.04. 030, a grantor that signs a Washington warranty deed form promises: That the grantor owns and has the right to convey the property; That the grantor is free and clear of all encumbrances (mortgages, liens, etc.)
General Warranty Deed A general warranty deed is the gold standard of property transfers. This type of deed is overwhelmingly used in residential purchases. Most lenders require a warranty deed for properties they finance. It offers buyers the greatest possible protection from future claims against the title.
