A warranty deed is a legal document used in real estate transactions to transfer ownership of a property from one party (the grantor or seller) to another (the grantee or buyer).
Under a warranty deed, the seller and buyer negotiate and agree on the terms of the property sale, including the purchase price, closing date, and any other relevant conditions.
There are 2 types of warranty deeds: general warranty deeds, which provide the broadest protection to buyer & special warranty deeds, which offer a limited guarantee by only covering defects or claims.
By using a warranty deed, the seller is assuring the buyer that they have the legal right to sell the property and that they will defend the buyer's ownership against any future claims made by others.
A warranty deed includes information such as the names and addresses of the grantor and grantee, a legal description of the property, the purchase price, and any conditions.
Documents for warranty deed include a completed warranty deed form. The grantor may provide a preliminary change of ownership report & any relevant supporting documents required by local jurisdiction.
To make the transfer of ownership official and provide notice to the public, the warranty deed is typically recorded in the county or jurisdiction where the property is located.