North Dakota Warranty Deed from two Individuals to Corporation
Overview of this form
The Warranty Deed from two Individuals to Corporation is a legal document that allows two individual grantors to transfer ownership of real estate to a corporate entity. This form ensures that the property is conveyed with certain warranties about its title, but it excludes any oil, gas, and mineral rights. This type of warranty deed is distinct from other deeds, such as quitclaim deeds, because it includes guarantees that the grantors have good title to the property and the right to sell it.
Key parts of this document
- Identification of grantors (the individuals transferring the property) and the grantee (the corporation receiving the property).
- Description of the property being conveyed, typically included as an attached legal description.
- Exclusion clause indicating that any oil, gas, and minerals are reserved by the grantors.
- Warranties from the grantors that the property is free of encumbrances.
- Signature sections for both grantors and a notary public.
When to use this document
This Warranty Deed is used when two individual owners wish to transfer property ownership to a corporation. Common scenarios include business partners dissolving a partnership and transferring assets to a corporation or individuals who have formed a corporation to hold their real estate investments. It is ideal for formalizing the transfer while ensuring the corporation receives necessary protections on the title.
Intended users of this form
- Individuals who are joint owners of real estate and want to transfer it to a corporation.
- Business owners who need to formalize property transfers in a corporate structure.
- Lawyers or agents representing individuals or corporations during property transactions.
Steps to complete this form
- Identify the parties involved: the two grantors (individuals) and the grantee (corporation).
- Complete the legal description of the property and attach it as Exhibit A.
- Include the specific exclusion of oil, gas, and mineral rights in the deed text.
- Have both grantors sign the document in the presence of a notary public.
- Ensure the notary details are filled in to validate the execution of the deed.
Notarization guidance
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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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.
Common mistakes
- Failing to accurately describe the property being transferred.
- Neglecting to include the exclusion for oil, gas, and minerals when applicable.
- Not having the deed properly executed before a notary.
- Leaving out signatures from both grantors.
Benefits of using this form online
- Convenience of downloading and filling out the form at your own pace.
- Editability to customize the form for your specific transaction.
- Access to templates drafted by licensed attorneys, ensuring legal reliability.
Key takeaways
- This form is a Warranty Deed transferring property from individuals to a corporation.
- It contains protections on the title and excludes certain mineral rights.
- Proper execution, including notarization, is essential for validity.
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FAQ
A warranty deed, also known as a general warranty deed, is a legal real estate document between the seller (grantor) and the buyer (grantee). The deed protects the buyer by pledging that the seller holds clear title to the property and there are no encumbrances, outstanding liens, or mortgages against it.
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.
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.
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
Corporate warranty deeds offer the seller's guarantee to the buyer in regards to the validity of the chain of title. Generally, special warranty deeds only protect against problems occurring since the seller purchased the property.
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.
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.
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.
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.
