Both General Warranty Deeds and Special Warranty Deeds may be used for real estate transactions, but the scope of their guarantees differs.
General Warranty Deeds and Special Warranty Deeds may both be utilized for real estate transactions in which a property, whether residential or commercial, is transferred between parties that are unfamiliar with one another. The seller transfers ownership of a property to the buyer with specific assurances against future difficulties or claims that safeguard the buyer against fraud. The amount of the warranty coverage differs between a Warranty Deed and a Special Warranty Deed.
Both forms of Warranty Deeds (Special and General) provide the buyer with the following guarantees:
The vendor has the title
That the seller has the legal right to sell the property.
That the property has not been sold previously
That the property is free of all debts and other claims (except than those listed in the deed).
That the seller is liable for any issues or flaws with the property.
Whereas the warranties in a Warranty Deed cover the full history of the property, the Special Warranty Deed only covers the time the seller held it. While the seller in a Warranty Deed must defend the title against any other claims and reimburse the buyer for any unresolved bills or damages, the seller in a Special Warranty Deed is only liable for debts and difficulties incurred or created while he was the owner of the property.
With our simple online interview procedure, you can now create your General Warranty Deed or Special Warranty Deed!
Consider creating a Bargain and Sale Deed or a Quitclaim Deed if the Grantor (seller) does not want to make any warranties.
Concerning Frederic Goodwill
