A Warranty Deed is a secured legal document used in property or land conveyance or transfer which typically provides assurance or warranty of the title of a property or land to the grantee (buyer) from the grantor (seller). It is designed to guarantee the buyer of a property that they will receive an undisputed title. It is used in a real estate transaction to ensure that no other person or entity can make a claim to the title of the property.
With a warranty deed, the seller acts as a guarantor and makes the promise that no other person or entity can make a legal claim to the title of the property. The deed also ensures that the property is free from liens and mortgages, meaning the buyer does not inherit any existing debts associated with the property.
Most lenders require this document for property financings and other real estate transaction. The document is recorded in the public records and must provide certain details like the description of the property, the party conveying the title as well as the party receiving it, and the date the deed was executed. In addition to these facts, warranty deeds also make an express warranty or assurance that a prior claim to the title will not be made by the grantor, the grantor's heirs, or anyone else once the deed changes hands.
In summary, a warranty deed is an essential document for property transactions. It provides assurance of the title to the buyer and legal protection in the rare case that someone should challenge their ownership of the property. Their use is becoming ever more important with the rise of the digital age, and it is essential potential buyers and sellers understand the importance of this document before entering into any property transactions.
With a warranty deed, the seller acts as a guarantor and makes the promise that no other person or entity can make a legal claim to the title of the property. The deed also ensures that the property is free from liens and mortgages, meaning the buyer does not inherit any existing debts associated with the property.
Most lenders require this document for property financings and other real estate transaction. The document is recorded in the public records and must provide certain details like the description of the property, the party conveying the title as well as the party receiving it, and the date the deed was executed. In addition to these facts, warranty deeds also make an express warranty or assurance that a prior claim to the title will not be made by the grantor, the grantor's heirs, or anyone else once the deed changes hands.
In summary, a warranty deed is an essential document for property transactions. It provides assurance of the title to the buyer and legal protection in the rare case that someone should challenge their ownership of the property. Their use is becoming ever more important with the rise of the digital age, and it is essential potential buyers and sellers understand the importance of this document before entering into any property transactions.