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What is a Special Warranty Deed?
A special warranty deed, also known as a limited warranty deed, is a legal document that transfers the title of a property from the seller (grantor) to the buyer (grantee) with limited warranties. It does not provide any warranty against defects or claims that arose before the seller's ownership.
This type of deed is commonly used in commercial real estate transactions but can also be used in residential property transfers. It offers more protection to the buyer than a quitclaim deed, which has no warranties but less protection than a general one.
Special warranty deed vs general warranty deed
It's essential to understand the differences between special warranty deeds and general warranty deeds to ensure the right level of protection during a property transfer. Here are the primary distinctions:
- Warranty coverage: A general warranty deed provides the buyer with full protection against any defects in the title, regardless of when they occurred. On the other hand, a special one only offers limited protection, covering defects that arose during the seller's ownership period.
- Liability: In a general one, the seller is liable for any title problems that may arise, even if they predate the seller's ownership. Conversely, with a special warranty deed, the seller's liability is limited to issues that transpired during their period of ownership.
- Common usage: General warranty deeds are mostly used in residential real estate transactions, where the buyer typically expects full protection. Special warranty deeds are more common when dealing with commercial properties or situations where the seller is unwilling or unable to offer a full warranty.
How to Fill Out the Special Warranty Deed Form
To execute a special warranty deed, you need to obtain and properly complete this form. Here are the key steps involved:
- Input the date into the Date field.
- Move on to the Square and Lot sections and enter the applicable information for the property.
- Input the name of the person conveying the property in the Grantor field.
- Input the name of the person receiving the property in the Grantee field.
- Sign the document in the signature section. The Grantor should sign on the line labeled "Grantor's Signature," and the Grantee should sign on the line labeled "Grantee's Signature."
- Finally, a Notary Public must also sign the document to validate its authenticity.
- Once all required information has been filled out and signed, save or download the completed document.
Benefits of a special warranty deed
The special warranty deed template may come with numerous advantages, such as:
- Limited Liability: As a grantor, this type of deed allows you to only be responsible for issues that arose during your term of ownership. This saves you from the potential headache of dealing with problems that you may not be aware of from the property's history.
- Faster Transactions: Since the grantor is only warranting the property for their ownership period, there may be less due diligence required, which can speed up the overall transaction process.
- Greater Security: For buyers, this document provides a degree of protection against future claims that may arise from the period during the grantor’s ownership. While it does not provide as extensive coverage as a general warranty deed, it does ensure that the current owner is accountable for any defects during their ownership.
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Fillable online Special Warranty Deed Form