When would you use a special warranty deed?
- A special warranty deed is a deed to real estate where the seller of the property—known as the grantor—warrants only against anything that occurred during their physical ownership.
- Special warranty deeds are most commonly used with commercial property transactions.
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Also, why would you use a special warranty deed?
A special warranty deed provides assurance that the property's seller owns the property in question and has not faced any title issues during this ownership. A special warranty deed guarantees that the buyer won't face any legal action or title issues as a result of the actions of the property's previous owner.
Beside above, what is the difference between a statutory warranty deed and a special warranty deed? A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
Likewise, should I buy a house with a special warranty deed?
The best way to protect yourself as a buyer is to buy title insurance when you purchase the property. A special warranty deed provides the buyer with some guarantees about title, but it does not offer complete protection. However, these types of deeds can be acceptable if other protections are put in place.
How much is a special warranty deed?
It should only cost a couple of hundred bucks to have a special warranty deed drawn up (assuming there is no mortgage). You will then have a recording fee of about $30, based on the number of pages the deed contains and