Warranty Deed Hide Value Choice For Free

$10.00 and other good and valuable consideration is typical language, as @Jay Hinrichs mentioned. This was originally started to allow for purchase price confidentiality since a deed is recorded in the public records.

A warranty deed isn't proof that you now own the property. Rather, it means the previous owner can guarantee that no one else holds ownership or is owed money for the property. You don't actually own the property until the title is transferred to you.

Any type of deed functions to transfer ownership of property between two parties.The warranty deed is commonly used when a property is purchased at or around its fair market value. The deed implies certain warranties that the seller, or grantor, provides to the buyer, or grantee.

Nominal Consideration Most deeds recite nominal consideration (e.g., the sum of $10.00). This keeps the actual consideration private and is common practice in most states. Actual Consideration Actual consideration is sometimes used if the parties want to publicly document the purchase price paid for the property.

A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.

Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.

Also known as the granting clause, is the only legally necessary clause required in a deed. Names the parties, words of conveyance, consideration, the date of transfer and legal description.