Warranty Deed - Standardlegal

Transcription

A Warranty Deed by definition is a deed which conveys the title to property whereby the sellerguarantees the title to be good and unencumbered except as stated and agrees to defend andprotect the purchaser against any loss that may arise in the future from any defect in the title atthe time of conveyance.The warranty deed is the most common type of deed used to transfer property from oneindividual or business to another. Warranty deeds usually require that a title search be conductedto ensure that the property is free and clear of liens or encumbrances. Any lien or encumbrancediscovered would effectively "cloud" the title of the property and make warranting the propertyrisky or impossible.This deed can be used to conveying property from a seller to a purchaser in a variety of situations(for example, but not limited to, when a person or couple purchases a house from a homeownerand needs to transfer title or when a relative desires to name another person as the co-owner of ahouse or parcel of property that he or she currently owns by him or herself). This deed can bepreparedWhen preparing this deed, and for ALL scenarios and situations involving the Buyer and Sellerthat may occur when using this deed, the following rules and requirements apply: The Sellers/Grantors must sign the deed in the presence of two witnesses. The witnessesmust both sign and print their names. The purchasers do not have to sign the deed. On the deed, the Sellers must provide the legal description of the property – this description(which is NOT the address) legally identifies the property. This information is usuallylocated on the deed for the property that is now filed on record. This information is alsoavailable from the county recorder or the real property records office in the county in whichthe property is located. It is CRUCIAL that this information be accurately set forth on thedeed. The permanent parcel number and the book, volume, page and/or record numberindicating where the deed was previously filed is generally available on the deed for theproperty that is now filed on record (i.e. the deed that transferred the property to thecurrent Sellers/Grantors), or can obtained from the county recorder or the propertyrecords office in the county where the property is located. The Seller must also have the deed notarized – meaning that it must be signed in thepresence of a notary or the Seller must testify to the notary that his/her true and accuratesignature appears on the deed. Also, the Sellers must sign the deed in the presence of 2witnesses (1 of which can be the notary public) and the witnesses must place theirsignatures and print their names on the lines where indicated. Standard Legal Network. All Rights Reserved.

At the closing of the transaction, the purchasers will tender the purchase price to theSellers who then tenders this deed to the purchasers - who will then file the deed with therecorder’s office or real estate office in the county where the property is located. Title inthe property will then be “officially” transferred. There is usually a fee for filing the deedand transferring the property.As to the first paragraph of the deed, specific situations (i.e. who owns the property, who is/arethe Buyers, what is the relationship of the multiple Sellers, etc.), require specific language to besupplied by you when preparing the deed. Find the scenario that most accurately meets whonow owns the property and to whom it will be transferred. Then, look at the instructions for thespecific situations described below to determine how to complete the first paragraph of thisdeed form.Multiple non-married persons transferring property to Multiple non-married personsThis quitclaim deed can be used when conveying property from multiple persons who are notmarried to multiple persons who are not married (“John A. Doe and Jane Smith” to “Jane B.Jones and William Black”), and can even include the persons who are now the owners, assurvivorship tenants (e.g., from “John A. Doe and Jane Smith” to “John A. Doe, Jane B.Jones and William Black”). The transfer is without representations or warranties.Provide the names of all of those individuals that currently own the property (i.e. list each andevery one of the Sellers) on the line designated as “Grantor(s)” and the full legal names of eachand every person that will be purchasing or taking title to the property as Buyers must also besupplied on the line designated as “Grantee(s)”. The appropriate dollar amounts and the addressof the property must also be inserted into the form. The first paragraph could, for an example, beprepared as follows:Know all Men by these Presents that Jane Smith and Michael Jones of Anycity, State ofAnystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their fullsatisfaction, grants to James Doe and Martha Roy (“Grantee(s)”), whose tax-mailing address is521 Main Street, Anytown, Anystate, 55555, the following real property:Multiple non-married persons transferring property to one individualThis quitclaim deed can be used when conveying property from multiple persons who are notmarried to an individual in his or her sole capacity (e.g. “John A. Doe and Jane Smith” to“Jane B. Jones”), without representations or warranties.Provide the names of all of those individuals that currently own the property (i.e. list each andevery one of the Sellers) on the line designated as “Grantor(s)” and the full legal name of theone person that will be purchasing or taking title to the property as Buyer must be supplied onthe line designated as “Grantee(s)”. The appropriate dollar amounts and the address of theproperty must also be inserted into the form. The first paragraph could, for an example, be

prepared as follows:Know all Men by these Presents that Jane Smith and Michael Jones of Anycity, State ofAnystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their fullsatisfaction, grants to James Doe (“Grantee(s)”), whose tax-mailing address is 521 Main Street,Anytown, Anystate, 55555, the following real property:A married couple transferring property to another married coupleThis deed can be used when transferring or conveying property from a married couple toanother married couple, without representation or warranties.Since the Sellers are married, the names of both the husband and wife, followed by the words“husband and wife,” must appear on the line designated as “Grantor(s)” and the names of themarried couple that is buying to taking title to the property, followed by the words “husband andwife,” must appear on the line designated “Grantee(s).” The appropriate dollar amounts andthe address of the property must also be supplied. The first paragraph could, for an example, beprepared as follows:Know all Men by these Presents that Michael Jones and Maggie Jones, husband and wife, ofAnycity, State of Anystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) receivedto their full satisfaction, grants to John A. Doe and June B. Doe, husband and wife(“Grantee(s)”), whose tax-mailing address is 521 Main Street, Anytown, Anystate, 55555, thefollowing real property:A married couple transferring property to a multiple non-married individualsThis deed can be used when conveying property from a married couple to two or more personswho may or may not be married, including the person who is now the owner, withoutrepresentations or warranties.Since the Sellers are married, the names of both the husband and wife, followed by the words“husband and wife,” must appear on the line designated as “Grantor(s).” The full legal namesof each and every person that will be purchasing or taking title to the property as Buyers mustalso be supplied on the line designated as “Grantee(s)”. The appropriate dollar amounts andthe address of the property must also be supplied. The first paragraph could, for an example,be prepared as follows:Know all Men by these Presents that Michael Jones and Maggie Jones, husband and wife, ofAnycity, State of Anystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) receivedto their full satisfaction, grants to John A. Doe and Ruth S. Smith (“Grantee(s)”), whose taxmailing address is 521 Main Street, Anytown, Anystate, 55555, the following real property:

A married couple transferring property to a single individualThis deed can be used when transferring or conveying property from a married couple to a singleindividual, without representation or warranties.Since the Sellers are married, the names of both the husband and wife, followed by thewords “husband and wife,” must appear on the line designated as “Grantor(s).” The fulllegal name of the one person that will be purchasing or taking title to the property as Buyermust be supplied on the line designated as “Grantee(s)”. The appropriate dollar amounts andthe address of the property must also be supplied. The first paragraph could, for an example,be prepared as follows:Know all Men by these Presents that Michael Jones and Maggie Jones, husband and wife, ofAnycity, State of Anystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) receivedto their full satisfaction, grants to John A. Doe (“Grantee(s)”), whose tax-mailing address is 521Main Street, Anytown, Anystate, 55555, the following real property:A single individual transferring property to a married coupleThis deed can be used when transferring or conveying property from a single individual toa married third party without representation or warranties.The full legal name of the one person that will be selling or transferring title to the property asSeller must be supplied on the line designated as “Grantor(s)”. Since the Buyers are married, thenames of both the husband and wife, followed by the words “husband and wife,” must appear onthe line designated as “Grantee(s)”. The appropriate dollar amounts and the address of theproperty must also be supplied. The first paragraph could, for an example, be prepared asfollows:Know all Men by these Presents that Michael Jones of Anycity, State of Anystate(“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their full satisfaction,grants to John A. Doe and Jane B. Doe, husband and wife (“Grantee(s)”), whose tax-mailingaddress is 521 Main Street, Anytown, Anystate, 55555, the following real property:A single individual transferring property to multiple non-married individualsThis quitclaim deed can be used when conveying property from one person who is not married totwo or more persons who are not married, including the person who is now the owner (i.e. from“John A. Doe” to “John A. Doe, Jane B. Jones and William Black” or “John A. Doe” to “Jane B.Jones and William Black”).The full legal name of the one person that will be selling or transferring title to the property asSeller must be supplied on the line designated as “Grantor(s)”. The full legal names of each

and every person that will be purchasing or taking title to the property as Buyers must also besupplied on the line designated as “Grantee(s)”. The appropriate dollar amounts and theaddress of the property must also be supplied. The first paragraph could, for an example, beprepared as follows:Know all Men by these Presents that Michael Jones of Anycity, State of Anystate(“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their full satisfaction,grants to John A. Doe and June R. Smith (“Grantee(s)”), whose tax-mailing address is 521 MainStreet, Anytown, Anystate, 55555, the following real property:A single individual transferring property to another single individualThis deed can be used when transferring or conveying property from one single individualto another single third party without representation or warranties,The full legal name of the one person that will be selling or transferring title to the property asSeller must be supplied on the line designated as “Grantor(s)”. The full legal name of the oneperson that will be purchasing or taking title to the property as Buyer must be supplied on theline designated as “Grantee(s)”. The appropriate dollar amounts and the address of the propertymust also be supplied. The first paragraph could, for an example, be prepared as follows:Know all Men by these Presents that Michael Jones of Anycity, State of Anystate(“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their full satisfaction,grants to John A. Doe (“Grantee(s)”), whose tax-mailing address is 521 Main Street, Anytown,Anystate, 55555, the following real property:Individuals transferring property to a company (corp., LLC, partnership, etc.)This deed can be used when transferring or conveying property from an individual or individualsto a company (e.g. corporation, LLC, partnership, etc.).The full legal name of the person or persons that will be selling or transferring title to theproperty as Seller must be supplied on the line designated as “Grantor(s)” (note, that the maritalstatus of the Sellers, along with the number of the Sellers, as are described above, will dictatewhat, if any, additional information must be supplied on this line). The full legal name ofbusiness that will be purchasing or taking title to the property as Buyer must be supplied on theline designated as “Grantee(s)”, followed (on the same line) by the state in which the businesswas formed and the words that describe the type or structure of the business, i.e. “an Oklahomacorporation,” or “a Maine limited liability company,” or “a Michigan limited partnership.” Theappropriate dollar amounts and the address of the property must also be supplied. The firstparagraph could, for an example, be prepared as follows:Know all Men by these Presents that Jane Smith and Michael Jones of Anycity, State ofAnystate (“Grantor(s)”), for the consideration of Ten Dollars ( 10.00) received to their full

satisfaction, grants to ACME, Inc., an Alabama corporation (“Grantee(s)”), whose tax-mailingaddress is 521 Main Street, Anytown, Anystate, 55555, the following real property:***INSTRUCTIONS FOR COMPLETING THE DEED:Each of the "?" marks in the yellow circles provides guidance as to the wording or informationthat is to be provided on the appropriate lines within the form. Click on the "?" to open a box thatcontains the guidance or instructions that you will need to fill in that line. You can then close thatbox by clicking on the small "x" in the upper right hand corner of the box. Or simply hold thecursor over the "?" mark and the information will appear for your review. Complete or providethe information on each of the lines, as directed. Note that the "?" marks will NOT appear onthe printed document (nor will the "Initial" boxes, if applicable, at the bottom of each page).Discard these instruction pages – they are NOT part of the Deed.

Prepared by:Address:Phone Number:WARRANTY DEEDKnow all Men by these Presents that ,of (“Grantor(s)”), for the consideration ofDollars ( ) received to his/her/their full satisfaction, grant(s) with general warranty covenants and with a full release of all rights ofdower in the real property to (“Grantees”),whose tax-mailing address is ,the following real property:The real property located at and described asfollows:See Exhibit “A”Subject to restrictions, conditions, limitations, reservations and easements, if any, of record.Permanent Parcel Number:Prior Recording:To have and to hold the above-granted and bargained premises, with the appurtenances thereuntobelonging, unto Grantee(s), his/her/their heirs and assigns forever.And Grantor(s) for him/herself/themselves and his/her/their heirs and assigns, hereby covenant toGrantees, his/her/their heirs and assigns, that at and until the ensealing of these presents, he/she/theyis/are well seized of the above-described premises as a good and indefeasible estate in fee simple,and has good right to bargain and sell the same in the manner aforesaid, and that the same is freeand clear from all encumbrances whatsoever except easements, restrictions, reservations, conditionsInitial: Standard Legal Network. All Rights Reserved.Page of

and other matters of record, taxes and assessments, both general and special, tenants in possession andzoning ordinances, and that Grantor(s) will WARRANT AND DEFEND said premises, with theappurtenances thereunto belonging, to the said Grantee(s), his/her successors and assigns, against alllawful claims and demands whatsoever except as aforesaid.IN WITNESS WHEREOF I/we have hereunto set my/our hand(s), on .SIGNED IN THE PRESENCE OF:Witness for seller one to sign and print name hereSigned and printed name of witnessSeller to sign on this line after printingSignature of seller/grantorWitness for seller one to sign and print name hereSigned and printed name of witnessWitness for seller two to sign and print name hereSigned and printed name of witnessIf more than one seller, second seller to sign hereSignature of other seller/grantor (if applicable)Witness for seller two to sign and print name hereSigned and printed name of witnessWitness for seller three to sign and print name hereSigned and printed name of witnessIf more than two sellers, third seller to sign hereSignature of other seller/grantor (if applicable)Witness for seller three to sign and print name hereSigned and printed name of witnessACKNOWLEDGEMENTSTATE OFCOUNTY OF}} SS:}click here to printBefore me, a Notary Public in and for said County and State, personally appeared each of the personor persons listed above as Seller(s)/Grantor(s), who acknowledged that she/he/they did sign theforegoing instrument and that the same is her/his/their free act and deed.Initial: Standard Legal Network. All Rights Reserved.Page of

In Testimony Whereof I have hereunto set my hand and official seal, at ,thisday of , 20 .Notary PublicMy commission expires on:Personally known to meProduced IdentificationInitial:or(Type of ID produced: ) Standard Legal Network. All Rights Reserved.Page of

Exhibit ALegal DescriptionInitial: Standard Legal Network. All Rights Reserved.Page of

A Warranty Deed by definition is a deed which conveys the title to property whereby the seller guarantees the title to be good and unencumbered except as stated and agrees to defend and protect the purchaser against any loss that may arise in the future from any defect in the title at the time of conveyance.