Quick Answer: Can I Sell A House With A Warranty Deed?

Does a warranty deed mean you own the property?

The warranty deed transfers the property’s ownership from the current owner to the new buyer, while the deed of trust ensures the lender has interest in the property in the event a buyer defaults on the loan.

However, they will both be filed as public records after the purchase is complete..

Can I sell my house with a special warranty deed?

A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during his ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.

Can a warranty deed be challenged?

A warranty deed can be revoked. In most situations, the person signing the deed needs the cooperation of the person who received the deed to revoke it. … If the deed was prepared for a property transfer as part of a typical sale, though, you probably will have to take legal action to revoke the deed.

Is a trustee’s deed a warranty deed?

A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.

Can I sell a property with a quit claim deed?

The good news is that, though it may not be an attractive option to many buyers, you can still sell the property normally. The title will still have been transferred to you. The quitclaim deed affects ownership and the name on the deed, but it does not affect the name on the mortgage.

Can a deed transfer be reversed?

When you sign a deed transferring your interest in real property, you cannot reverse it simply because you regret your decision. Prepare the same type of deed used to transfer your property interest to the grantee to return your property interest back to you, if the grantee will agree to do so.

Who prepares a warranty deed?

The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.

Can you do a warranty deed with a mortgage?

When you purchase property, the previous owner will transfer the warranty deed to you. However, if you’re paying for your home with a mortgage, as most people do, the warranty deed is not free and clear.

How does a warranty deed work?

A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer),in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.

Who keeps original warranty deed?

Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.

Does a deed mean you own the house?

A property deed is a legal document that transfers the ownership of real estate from a seller to a buyer. For a deed to be legal it must state the name of the buyer and the seller, describe the property that is being transferred, and include the signature of the party that is transferring the property.

Does a warranty deed mean there is no mortgage?

A warranty deed guarantees that the title is clear from any third-party interests. The deed declares that no liens have been placed against the property and that no one else has better claim to the title through dower, a remainder interest, adverse possession or for any other reason.

Does a deed need to be executed by both parties?

To constitute a valid counterpart the document must be executed as a deed itself by one party. So, a document signed by one director (without a witness) has not been validly executed as a deed and cannot be a counterpart.

Is a quit claim deed considered a sale?

Quitclaim deeds are not used for real estate sales, because the new owner receives no guarantees about the title and how valid it is.

Can my mom quit claim her house to me?

A quitclaim deed can be used to give your home to others by literally “quitting” your ownership claim in the home. … As a homeowning parent, you can place your adult children on your home’s title or even completely transfer ownership of your home to them using a quitclaim deed.

Can a quitclaim deed be converted to a warranty deed?

A quitclaim deed can convey title as effectively as a warranty deed if the grantor has a good title when the deed is delivered. … If the title contains a defect, for example, the grantee has no legal recourse against the grantor under the deed.

Why would you use a warranty deed?

Warranty deeds provide the purchaser of the property with the highest form of protection, and are often used when a buyer wants to get financing for a mortgage or title insurance. … The property is free and clear of all liens and outstanding claims. The title would withstand third-party claims to ownership of the …

Is a warranty deed the same as a title?

Most property sales make use of a warranty deed. Paired with title insurance, your warranty deed guarantees that the “grantor” is the rightful owner and transfers these rights and title to you as the “grantee” or new owner of the property. With a warranty deed, your title is clear. … Our title agents can help.

How long is a warranty deed good for?

The law will assume that an Agent acting under a valid Durable Power of Attorney, had the authority to transfer the property. A Warranty Deed has no expiration date, it is transferred permanently as of the date of the transfer.

What happens after a quit claim deed is recorded?

Usually, a Quitclaim Deed is sent to the Grantee after it has been recorded. … Yes, after the Grantor signs the Quitclaim Deed, it must be signed and stamped by a notary public to verify that the Grantor’s signature is authentic before it can be filed with the County Clerk’s Office.

What is the difference between a warranty deed and a quit claim deed?

Quitclaim Deeds are used when the transfer of ownership in the property does not occur as the result of a traditional sale. … Under a warranty deed, if it turns out that the property is not what the seller promised or there’s an uncleared lien or other block to the title, the buyer can sue the seller and recover damages.