Maryland Warranty Deed from Corporation to Two Individuals
What is this form?
The Warranty Deed from Corporation to Two Individuals is a legal document that transfers property ownership from a corporation (the Grantor) to two individual parties (the Grantees). This deed guarantees the corporation's right to convey the property while ensuring that certain rights, like mineral interests, are retained. Distinct from other deeds, this form specifically addresses joint tenancy, allowing for the surviving Grantee to inherit the entire interest in the event one of the Grantees passes away.
Form components explained
- Grantor and Grantee identification: Names and roles of the corporation and individuals involved.
- Description of property: Detailed information about the property being transferred.
- Reservation clause: Specifies that mineral rights may be retained by the corporation.
- Joint tenancy language: Establishes the right of survivorship for the Grantees.
- Notary acknowledgment: Certifies the identity and authority of the signatory representing the corporation.
When to use this form
This form is used when a corporation wishes to transfer property to two individuals, especially when the parties want to establish joint tenancy with the right of survivorship. Situations may include a corporation dissolving and distributing their assets, or when a corporation sells property while retaining certain rights, such as mineral interests. This form ensures that the transfer is legally binding and appropriately documented.
Who can use this document
This form is intended for:
- Corporations transferring property to two individuals.
- Individuals purchasing property from a corporation.
- Real estate professionals managing corporate property transactions.
- Attorneys representing parties in property transfer cases.
Instructions for completing this form
- Identify the parties: Enter the full names of the corporation and the two individuals receiving the property.
- Describe the property: Provide a detailed description of the property being transferred.
- Specify terms: Indicate any reservations, such as mineral rights, that the Grantor will retain.
- Enter execution details: Fill in the county and date of execution, along with the signature of the corporate representative.
- Complete notarization: Ensure the document is signed in front of a notary public if required.
Does this document require notarization?
Yes, this form must be notarized to be legally valid. Notarization provides an additional layer of protection and authenticity. US Legal Forms offers integrated online notarization services, allowing you to complete the process through a secure video call with a licensed notary at your convenience.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to provide an adequate property description.
- Omitting signatures from all required parties.
- Not including a notary acknowledgment when needed.
- Confusing joint tenancy terms, leading to unintended ownership structures.
Why use this form online
- Convenient access to a reliable, professionally drafted template.
- Editability allows you to customize terms to suit your specific transaction.
- Secure download ensures that your documents are safe and easily stored.
Quick recap
- This form facilitates the transfer of property from a corporation to two individuals.
- It includes warranties on the title and specific reservations for natural resources.
- The deed requires notarization for legal validity.
- Proper completion is essential to avoid common pitfalls associated with property transfers.
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FAQ
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
After your Warranty Deed has been recorded at the County Clerk's Office, it can be sent to the grantee. However, any person or corporation can be designated as the recipient of the recorded Warranty Deed.
Special warranties allow the transfer of property title between seller and buyer. The purchase of title insurance can mitigate the risk of prior claims to the special warranty deed.
The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.
To change the names on a real estate deed, you will need to file a new deed with the Division of Land Records in the Circuit Court for the county where the property is located. The clerk will record the new deed.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.