A warranty is a type of deed where the seller of a piece of property guarantees clear title.
If you have ever purchased a piece of land, a building or another form of real property, you are likely familiar with the legal tool commonly referred to as a warranty deed. This document essentially outlines that one party (an individual, business, trust or other legal entity) is transferring its ownership interest in the real property to another party for a specific price. This legal tool may be contrasted with a quitclaim deed, which is used when transfer of interest in real property occurs without a sale or purchase of that interest. For example, you would use a warranty deed if your spouse buys your interest in your marital home outright, but you would use a quitclaim deed if (as a result of the structure of your divorce settlement) you simply transferred your interest in that property to your spouse without selling it for a specific price.
- Conveying real estate that you can guarantee has good title
- Conveying property through an estate plan.
If you are buying or selling real estate, you will be dealing with deeds. The purchase, sale, or encumbrance of real estate must be accomplished by the transfer of a deed, and different deeds come with different rights and liabilities for the parties involved. If you are involved in a real estate transaction that offers guarantees regarding the chain of title, consider using this interactive form to create a warranty deed that meets all of your needs.
A warranty deed conveys property from one person to another with a guarantee that the chain of title has not been broken and the seller has full legal rights to move forward with the transactions. Unlike a special warranty deed, which only guarantees the land title against defects that arose during the seller’s term of ownership, a warranty deed guarantees against anything that could have invalidated the title. In general, a warranty deed includes a promise that the seller has a legal right to convey the title, and the land is free and clear of any encumbrances not previously disclosed. Additionally, a warranty deed creates a covenant of “quiet enjoyment,” meaning that the buyer has the right to use and enjoy the newly-purchased land without interference from others.
Despite all of the assurances that come with a warranty deed, it is always a good idea to consult with an attorney and hire a title insurance company before moving forward with a real estate purchase.
If you are either selling or purchasing an interest in a piece of real property, you may use a warranty deed in order to articulate the transfer of ownership interest in question. The most critical functions of a warranty deed are guaranteeing that the property being sold/purchased is free of liens and debt and confirms that the seller has the authority to sell the property in question to the buyer. Please note that you will need to compile some necessary information about the property, the buyer, the seller and the transaction itself before you will be able to complete a warranty deed. Given that the sale and purchase of real property is a significant occurrence, please consider consulting with an attorney if you have any questions about this process.
General Warranty Deed
Real Property Purchase Authorization