Warranty Deed Questions
What is the difference between a warranty deed and a quitclaim deed?With a warranty deed, the property is free and clear and belongs to the seller. There are no liens that could be attached to the property. A warranty deed is a validation that the owner has full possession of the property and there are no other claims that could come against the property at a later date.
When a buyer purchases a warranty deed, they can be assured that there will be no hidden attachments to the property and that they won't have to deal with any sub-buyers throughout the purchase. This also guarantees that the buyer won't have to deal with other people trying to claim ownership at a later date. In the event another person did try to claim the property as their own, the warranty deed would protect the new buyer from any future attempts of ownership. This is why warranty deeds are usually used in most property sales.
With quit claim deeds, the property would be offered to prospective buyers by people who do not legally own the property but carry a responsibility for the property. Generally, this happens when the owner dies and the property is transferred to another through inheritance or in the event of a divorce where both spouses are named on the property deed. The main difference in warranty deeds and quit claim deeds are that the quit claim deeds usually don't offer the overall protection that a warranty deed would.
What is the difference between a "statutory" warranty deed, a "special" deed and "general" warranty deed?A statutory warranty deed lists a specific state statute. This enables the owner to avoid adding a direct warranty language in the deed.
A special warranty deed allows for an owner to claim warranty for the deed because during the ownership, there was nothing done that might cause a lapse in the warranty.
As for a general warranty deed, this deed basically states that the title of the deed is good.
None of these warranties would be beneficial if a person wants to enter the property into a revocable living trust. However, a quit claim deed would work if the property was being transferred.
In Wisconsin we have a warranty deed that was passed to us upon my grandfather's death. We would like to know if there is any value, and how do we go about checking?Before you spend hundreds of dollars on an appraiser, you may want to consider contacting several real estate brokers in the area where the land is located. You can either give a legal description of the property or send a copy of the warranty deed to them. Let the realtor know that you may be interested in selling the property and wanted an idea of what it may be worth.
By asking a realtor about the value of the property, you will usually get a free and very accurate estimate of the property's value. Most realtors are eager to assist in this type of quote simply because they want to eventually list the property for you. The information from the realtor will usually be very close to what an appraiser will give.
Before a realtor can become licensed, they must first complete and pass an appraisal class. Part of a realtor's job is to assist clients in finding the value of their property. If you want to save hundreds and get an accurate value on your property, working with realtors would be the most efficient way to accomplish this.
Once I sign a warranty deed granting my deceased fathers property to my stepmom, will I ever have any liability toward that property?To have liability toward the property, there would have to be a mortgage in your name against the property. When you warranty deed the property to your stepmother and fail to pay the mortgage, a foreclosure could take place against the property regardless if your name is on the title or not. However, if your father had full rights to the property and you choose to deed the property to your step mother, all interest on the land would then be transferred to her; leaving any liability to you only in the event that you also hold interest in the land.
Understanding warranty deeds is an important aspect of owning and selling property. Many people are unaware of the dangers that can affect them if they enter into a real estate agreement without knowing the legal ramifications. Before you enter any legal agreement concerning real estate or warranty deeds, you should ask an Expert for legal assistance.