02 Apr Types Of Real Estate Deeds
General Warranty DeedsThe most common way to transfer ownership of real estate to a home buyer (known as the grantee) is by using a general warranty deed. It protects the buyer and covers acts taken by all previous owners in the chain of title. The grantee promises the new title holder that he or she can legally purchase, possess and enjoy the property. The grantor conveys the property with certain covenants or warranties. These warranties legally bind the grantor. Whether expressly written or implied by certain statutory words, basic warranties include:
- Covenant of seisin: it means that the grantor warrants that he/she owns the property and has the legal right to convey it.
- Covenant against encumbrances: the grantor warrants that the property is free of any liens or encumbrances unless explicitly stated in the deed.
- Covenant of quiet enjoyment: the grantee is guaranteed that the title will be good against third parties attempting to establish title to the property.
- Covenant of further assurance: the grantor promises that he/she will provide any document or instrument if necessary to make the title good.