This form is a Warranty Deed where the grantor is one individual and the grantees are three individuals who hold title as tenants in common.
A Lee's Summit Missouri warranty deed from one individual to three individuals as tenants in common is a legally binding document that transfers the ownership of a property from one person (the granter) to three other individuals (the grantees), specifically as tenants in common. In this type of warranty deed, the granter warrants and guarantees to the grantees that they have full legal authority to transfer the property and that there are no undisclosed liens, claims, or encumbrances on the property. The deed provides a guarantee that the property is being conveyed to the grantees in its present condition, and the granter assumes responsibility for any potential future title defects. Tenancy in common refers to a unique form of joint ownership where each individual holds an undivided interest in the entirety of the property, but there is no right of survivorship. This means that each tenant in common has the right to transfer, sell, or inherit their share independently without the consent or involvement of the other owners. The Lee's Summit Missouri warranty deed can have different variations depending on the specific circumstances and requirements of the granter and grantees. Some common types of warranty deeds that may be used during this transfer include: 1. General Warranty Deed: This type of warranty deed provides the broadest level of protection for the grantees, as it guarantees against all potential title defects, whether they originated before or during the granter's ownership. 2. Special Warranty Deed: In contrast to the general warranty deed, this type of warranty deed only guarantees against any title defects or encumbrances that arose during the granter's ownership period. It does not cover any issues that may have existed before the granter acquired the property. 3. Quitclaim Deed: Although not a warranty deed, a quitclaim deed is occasionally used in such transactions to transfer ownership. It does not provide any warranty or guarantee, but instead, simply transfers whatever interest the granter has in the property to the grantees. This type of deed is often used when the granter wants to relinquish any claims on the property without making any guarantees about its title. Regardless of the specific type of Lee's Summit Missouri warranty deed utilized, it is crucial for both the granter and the grantees to consult with competent legal professionals to ensure the deed accurately depicts their intentions, includes all relevant details, and provides adequate protection for all parties involved.
