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What Is a Special Warranty Deed In Alabama?
An Alabama Special Warranty Deed Form is a type of deed that provides a limited warranty of title to the grantee. The grantor, or seller, warrants that they have not conveyed the property to any other person during the time they have owned it and that the property is free of any encumbrances created by the grantor. However, the grantor does not warrant against encumbrances or defects that may have existed before they acquired the property. This type of deed is commonly used in commercial real estate transactions.
How to Write Alabama Special Warranty Deed Form
To write an Alabama Statutory Warranty Deed Form, you will need to include certain information and language. Here is an example of what the Warranty Deed Form Alabama might look like:
- The title of the document, such as "Special Warranty Deed";
- The names and addresses of the grantor(s) and grantee(s);
- A legal description of the property being conveyed, including the county and state where the property is located;
- A statement that the grantor(s) convey the property to the grantee(s) with a special warranty of title, meaning that the grantor(s) warrant that they have not conveyed the property to any other person during the time they have owned it and that the property is free of any encumbrances created by the grantor(s);
- A statement that the grantor(s) do not warrant against encumbrances or defects that may have existed before they acquired the property;
- A signature line for the grantor(s) and any necessary witnesses;
- The date of execution.
Also, note that this is just a sample and you should consult with a lawyer to ensure that the Warranty Deed Alabama Form you use is legally binding and accurate in your jurisdiction.
How to Get a Warranty Deed In Alabama
To get the Alabama Warranty Deed form, you should perform these steps:
- Find a property to purchase: First look for a property that you want to buy and make sure it suits your needs.
- Negotiate the purchase price: Once you have found a property, negotiate the purchase price with the seller.
- Review the title: Before purchasing the property, you should review the title to ensure that it is clear and that there are no outstanding liens or encumbrances.
- Prepare a warranty deed form: Free warranty deed form Alabama includes all the necessary information such as the names and addresses of the grantor and grantee, the property's legal description, and the title's warranties. You can find and fill out this form on PDFliner website.
- Hire a closing agent: Nowadays, it is usually customary to hire a closing agent to handle the legal and financial aspects of the transaction, including the transfer of the warranty deed; the closing agent will help you get more safety when you sign documents.
- Sign the purchase agreement: Once the purchase price and terms have been agreed upon, sign a purchase agreement with the seller.
- Review and sign the warranty deed: Review the warranty deed, which will be provided by the closing agent, and sign it.
- Pay closing costs: Pay any closing costs and any other fees associated with the transaction.
- Record the warranty deed: After the warranty deed has been signed, it needs to be recorded with the County Recorder's office in the county where the property is located.
It's essential to work with a qualified real estate attorney and a title company in order to make sure all the steps are done correctly and to avoid any issues later on. Also, remember you can sign the pdf Alabama warranty deed form both online and the paper form.
Common Uses of Alabama Special Warranty Deed Form
A special warranty deed form in Alabama is commonly used in the following situations:
- Commercial real estate transactions: Special warranty deeds are often used in commercial real estate transactions because they provide a limited warranty of title to the buyer. This type of deed is commonly used when the buyer is a business or investment entity, and the seller wants to limit their liability for any title defects that may have existed before they owned the property.
- Foreclosure sales: When a property is sold at a foreclosure sale, the lender or other foreclosing party will typically use a special warranty deed to convey the property to the new owner. This is because the foreclosing party may not have had ownership of the property for a long period and is not in a position to provide a full warranty of title.
- Inherited property: When a person inherits a property, the executor or administrator of the estate may use a special warranty deed to transfer the property to the inheritor.
- Short sales: A property is sold for less than the outstanding mortgage balance in a short sale. The seller may use a special warranty deed in this situation because they may not be able to provide a full warranty of title due to the outstanding mortgage or other liens on the property.
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Fillable online Alabama Special Warranty Deed Form