Warranty deed...

When you buy a fixed property such as a house, the seller will be required to provide you a general warranty deed, which is a statutory requirement for any type of sale and purchase transaction.

General Warranty Deed: To put it into a definition general warranty deed is a legal document, which the seller uses to state that the property he/she is selling is free from any sort of liens, such as unpaid mortgage loan installments. Before signing the property transfer documents, it is necessary to obtain a warranty deed from the seller to ensure that the seller has legal rights to transfer the property. The warranty document will also protect you from legal action by creditors in case the property has some liens attached to it, which you are not aware of. If any false claims are found in the warranty deed, legal action will be taken and you will be entitled to receive appropriate compensation from the seller. This is why warranty documents are often backed by a title insurance policy, which ensures that you get your compensation in case of any legal claims made by creditors.

Special Warranty Deed: A special warranty deed is different from general warranty documents and is used when a property has changed ownership many times. A special warranty deed allows the seller to relinquish legal claims to the property that might arise due to conditions that existed before he/she owned the property. When you opt for special warranty documents, you will be protected against only those claims that might arise due to the past actions of the seller you are dealing with, and not of the owners who owned the property before. Aside from this, the other aspects covered such as legal ownership, legal rights to transfer the property, and lien-free property are usually the same in both types of warranties. From the buyer’s point of view, special warranty documents favor the seller whereas the general warranty favors the buyer.

Warranty Deed Form: A warranty deed form is most extensively used in places such as Texas and Florida where the property market is currently witnessing an up trend. Areas where the real estate market has become stagnant however, may have limited use of a warranty deed form. Samples of warranty deed forms are freely available on many websites and can be downloaded in different formats such as Acrobat, Rich Text Format (RTF), and MS Word. These forms must be filled with the details of both the buyer and seller: the name, the county and state where they reside, the location and address of the property, the signatures of the seller and the buyer, and the official seal of the State County.

Free Warranty Deed: While some websites will charge you a fee, others will allow you to download the warranty deed form free. After downloading the free warranty deed form, you just need to save it on your computer and print copies when required. Many websites also provide tips to fill such forms, making it easier for you to understand the seemingly complex jargon used in most legal forms and documents.