Looking for buying a property or any other riches to shimmer yourself up. A Warranty Deed or Form is a necessity you must know about in detail. It is a kind of provision to protect you from any future deception and fraud. So, understanding a Warranty Deed or Form can be handy at times when charm of a valuable item or property insists you to go for it.
Let’s understand what a Warranty Deed is. Basically, a Warranty Deed or Form is a written legal document that is used to transfer any property from its owner to a buyer. Here the person, who owns the property is called a grantor whereas, would be owner is referred to as a grantee. Therefore, in other words a Warranty Deed is a legal agreement between a grantee and a grantor that assures transfer of a property.
A general Warranty Deed protects the rights of grantee in cases of any future disputes because the grantor promises to the grantee that no prior claims have been made on the conveyed property. Grantor promises or in other words warrants that he fully owns the property and has a legal right to transfer it to the grantee. If any dispute arises in future or any claims on the property are made, then the grantor would be held legally responsible for it. And grantee can sue grantor for being miscreant.
There are many types of deeds like general Warranty Deed, special Warranty Deed, quit claim deed and special purpose deed. Amongst all deeds, General Warranty Deed is considered safest for it provides the maximum protection to the grantee for any future third party claims. Quit claim deed is the one associated with highest risks.
Most of the deeds are made on special forms, however no such forms are mandatory to make a Warranty Deed or Form. It can be simply written on a piece of paper if all the terms and conditions are mentioned in detail. A Warranty Deed or Form must include some key elements mentioned below:
It is mandatory that age of both the grantor and grantee must have completed 18 years of age. A Warranty Deed must be a well written and legal document. Grantor must legally own the property and grantee must have a legal capacity to receive the property. Both grantee and grantor must be identified properly in a definitive way. Property, be it a land or any other valuable item, must be fully and precisely described in the agreement. Warranty Deed must be duly signed by the grantor when getting settled. A copy of deed must be handed over to the grantee, and grantee should keep it safe for future references. Above all crux of a deed, grantee must accept the Warranty Deed.
So, a Warranty Deed or Form is not merely a simple piece of paper but it is a legal agreement between a grantor and grantee. It protects the rights of the buyer and provides authenticity to the deal. Being a wise customer, never forget to take a well written Warranty Deed from the seller.
Here is our collection of 43 Free Warranty Deed Templates & Forms (General, Special),