What Is a Warranty Deed?
A warranty deed is a necessary instrument in real estate transactions. It transfers title and guarantees that the title to real property is clear of claims and liens. If you need assistance with a real estate transaction, a College Station Real Estate Attorney can help.
Types of Warranty Deeds
The purpose of deeds is to transfer ownership of real property. A warranty deed offers guarantees that the title is free and clear of encumbrances. As your College Station Real Estate Attorney will tell you, there are two basic types of warranty deeds: the special warranty and general warranty. Both differ from quitclaims, which merely convey title without guaranteeing that the seller holds title:
- Special Warranty Deeds. This type of deed offers limited protections for the purchaser. It merely guarantees that the real property in question was free of liens and claims during the time he owned it.
- General Warranty Deeds. This is the most commonly used deed, for it guarantees that the title is currently clear. If it is found that the title has a tax lien, claim, judgment, or other encumbrance the seller, or grantor, is held liable.
Covenants for Title
Your College Station Real Estate Attorney will tell you that warranty deeds include Covenants for Title. These include both present and future covenants. Present covenants include the right to convey or transfer title and a promise that there are no encumbrances upon the title. Future covenants protect the buyer, or grantee, against future claims made by heirs or other individuals.