What is a Warranty Deed?
A warranty deed is a document that provides the greatest amount of protection to the purchaser of property as it pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages, or other encumbrances against it.
BREAKING DOWN 'Warranty Deed'
A deed is a document that transfers property from one entity to another. There are various types of deeds, however, the difference in deeds can usually be defined by what warranties and covenants are being conveyed from the grantor (seller) to the grantee (buyer). A general warranty deed provides the grantee with the highest form of protection as it assures the following basic warranties:
- The grantor warrants that they are the rightful owner of the property and have a legal right to transfer the title.
- The grantor warrants that the property is free and clear of all liens and that there are no outstanding claims on the property from any type of creditor using it as collateral.
- There is a guarantee that the title would withstand any third-party claims to ownership of the property.
Read more: Warranty Deed Definition | Investopedia https://www.investopedia.com/terms/w/warranty-deed.asp#ixzz51uQLdvZp
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