The West Virginia Granting Clause is a legal provision used in real estate contracts in the state of West Virginia. This clause is typically included in deeds or other transfer documents to define and outline the rights, interests, and limitations associated with the property being transferred. The primary purpose of the West Virginia Granting Clause is to convey and assure the transfer of the property's ownership from the current owner (granter) to the new owner (grantee). It serves as a legal mechanism to guarantee that the granter possesses the legal authority to transfer the property rights and that the grantee will hold clear title to the property. Within West Virginia, there are several types of Granting Clauses that can be utilized in real estate transactions, depending on the specific circumstances or intentions of the parties involved: 1. General Warranty Deed Granting Clause: This type of Granting Clause offers the highest level of protection for the grantee. It ensures that the granter guarantees clear title to the property and provides various covenants, such as the covenant of basin (certifying the granter's ownership rights), covenant against encumbrances (certifying that the property is free from liens), and covenant of quiet enjoyment (promising that the grantee will not be disturbed by third-party claims). 2. Special Warranty Deed Granting Clause: In this case, the granter provides a limited warranty within the Granting Clause. It ensures that the granter has only defended the title against any claims that may have arisen during their ownership, rather than guaranteeing against any claims throughout the property's entire history. 3. Quitclaim Deed Granting Clause: This type of Granting Clause offers the least amount of protection for the grantee. It simply conveys the granter's interest in the property without any warranties or assurances about the property's status or title. The granter essentially transfers any interest they may have, if any, without guaranteeing ownership or possession of the property. It is important to carefully review and understand the Granting Clause within a real estate contract, as it defines the extent of the granter's responsibility and the grantee's rights in the property. Consulting with a qualified real estate attorney is advisable in order to ensure the proper interpretation and execution of the Granting Clause within West Virginia's legal framework.
West Virginia Granting Clause
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6.1. Recording Without Stamps. -- Any clerk who shall record any document without the proper documentary stamp or stamps affixed thereto, as is indicated in such document or accompanying declaration, shall, upon conviction in a court of competent jurisdiction, be fined fifty dollars.
A grant deed, also known as a special or limited warranty deed, is a legal document used to transfer real estate between a previous owner (the grantor) and a new owner (the grantee). A grant deed warrants that: The grantor has not transferred the property to anyone else.
Declaration of consideration or value. The declaration states the property's value or the payment, called consideration, made for the property. The current owner, new owner, or another responsible party must sign the declaration. The West Virginia Code suggests language for a declaration of consideration or value.
Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)
What Is a West Virginia Quitclaim Deed? West Virginia real estate owners can transfer ownership by signing and recording a deed. 1. A quitclaim deed is a specific deed form that transfers whatever claim or interest the signer has in the property without guaranteeing the property's title is clear or valid.
West Virginia Code §11-22-1, provides for exemptions to paying the Transfer Tax Fee. Deeds must specifically state the reason for exemption, otherwise, the Transfer Tax Fee will be charged. Every Deed recorded requires a completed Sales Listing Form to be attached. The Sales Listing Form can be found here.
In addition to Florida, Alabama, Arizona, Connecticut, Illinois, Iowa, Kansas, Missouri, New Hampshire, New Mexico, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Vermont, and West Virginia are Notice States. Race Statute. Under a race statute, the priority interest is the interest recorded first in time.
The Transfer Tax Fee is $5.50 for every $1,000.00 of the purchase price, or value of the property when the purchase price is not listed on the Deed. All Deeds recorded in West Virginia are subject to an Excise Tax (Transfer Tax Fee).