What are Warranty Deeds?
A warranty deed is a type of deed used in real estate transactions to transfer ownership of property from one party to another. It serves as a public record of the transaction and is typically used when the seller or buyer does not have title to the property.
How to Use Warranty Deeds in Real Estate Transactions
A warranty deed can be used for both residential and commercial transactions. It is usually used when the seller or buyer wants to ensure that they have clear title to the property before closing. The deed typically includes information such as the name of the party transferring the deed, the date of transfer, and the description of the property.
- It can be used in conjunction with a purchase agreement to provide additional protection for both parties.
- It is often used when there are issues with the title or ownership of the property.
Things to Know About Warranty Deeds
A warranty deed can be complex and requires careful consideration. Here are some key things to know about warranty deeds:
- A warranty deed is a public record, so it must comply with local and state laws.
- The seller or buyer may need to provide additional documentation to support their claim of ownership.
- Warranty deeds can be used for both the sale of property and the transfer of assets.