What is General Warranty Deed?
General Warranty Deed is the document that is used to transfer ownership of real property. The general warranty deed is the most frequent type of warranty deed. The seller guarantees the buyer that the seller will always abide by the promise.
Names, legal descriptions, and everything included in the “subject to” part of the document require particular focus and consideration.
What Are Different Deeds?
You will receive one of the following deeds when you buy a home:
- A General Warranty Deed
- A Special Warranty Deed
- A Quitclaim Deed
- A Special Purpose Deed
The ownership status of the seller determines the type of deed you receive.
When a buyer purchases a property with a general warranty, the seller guarantees that there are no easements or other liens against the land (and that the buyer will pay for any claims).
A special warranty will indicate that the seller is the property’s current owner and that, to the best of his knowledge, there have been no issues with claims while he has had the property.
A quitclaim deed, also known as a warranty deed, does not come with any assurance that transferring ownership will go through without a hitch; if it does, the seller will not be liable for any compensation.
Difference Between A Special Warranty Deed And A General Warranty Deed
The primary distinction between the two types of deeds is the time the property title is guaranteed between a special and general warranty deed.
In a special warranty deed, the seller of the property did not have any claims against the title of the property while they were the owner of it.
A general warranty deed will say that there were no title flaws at any time throughout the property’s ownership.
Who Benefits The Most From A Warranty Deed?
The purchaser of a property, also known as the grantee, stands to gain the most from acquiring a warranty deed.
The buyer receives guarantees from the seller if something unforeseen occurs, and they record these promises in the form of a warranty deed.
What Happens If I Lose The Deed To My House?
When a person buys a house, the deed to the property serves as the legal documentation of the transaction.
It is vital to have the deed in your possession in case there are any concerns regarding ownership, as the degree of security it provides to a buyer might differ depending on the type of deed.
It is not an issue, even if you misplace the deed to your house. You can acquire a copy from several places, and if you do it online, you’ll get it done much more quickly.
What Is A General Warranty Deed With Survivorship?
When a couple holds their assets in joint and survivorship, the survivor of the couple receives all of the assets with no court-supervised probate process.
If the property is deemed community property, a conveyance made by one party without the other terminates the joint tenancy.