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Questions About Warranty Deed

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I have a question about deeds.

 

I always thought deed conveyed ownership (transferred ownership)

 

A lot of my reading/studying has come across Warranty deeds as the method to convey ownership.

 

Does a Homeowner signing a warranty deed to the deal maker transfer ownership of the property?

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Ben, deeds do convey ownership. But, there are different types of deeds. A warranty deed is actually the safest form of a deed because the seller using it to tranfer title to the buyer is guaranteeing the title is unencumbered except as stated. It also protects the purchaser against any loss that may arise in the future from any defect in the title at the time of conveyance. The warranty deed is the most common type of deed used to transfer property from one individual to another. They usually require a title search to ensure that the property is free and clear of liens or encumbrances.

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Ben, deeds do convey ownership.  But, there are different types of deeds.  A warranty deed is actually the safest form of a deed because the seller using it to tranfer title to the buyer is guaranteeing the title is unencumbered except as stated. 

 

Thank you Michael. Glad to see you guys are still swapping knowledge.

 

This leads me to a second question. What kind of protection does a seller have? How do they know the grantee will not run off and do something silly with it?

 

This leads me to a third question. From what I understand, a bank will need deed before they can consider any financing. In the siging of documents from homeowner to buyer/investor, where does the deed signing fit in?

 

Thanks in advance.

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This leads me to a second question. What kind of protection does a seller have? How do they know the grantee will not run off and do something silly with it?
Such as? The deed isn't getting into the buyer's hands until all the t's are crossed and the i's are dotted. It's done at the closing, and follows a logical and legal progression to title transfer.
This leads me to a third question. From what I understand, a bank will need deed before they can consider any financing. In the siging of documents from homeowner to buyer/investor, where does the deed signing fit in?
See above.

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This leads me to a second question. What kind of protection does a seller have? How do they know the grantee will not run off and do something silly with it?
Such as? The deed isn't getting into the buyer's hands until all the t's are crossed and the i's are dotted. It's done at the closing, and follows a logical and legal progression to title transfer.
This leads me to a third question. From what I understand, a bank will need deed before they can consider any financing. In the siging of documents from homeowner to buyer/investor, where does the deed signing fit in?
See above.

 

I see. I think I was confused. Strangely, these answers cleared some things up for me. Thank you Michael.

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When you "get the deed" in a sale, not an L/P, you don't really get the deed, right? You are getting the contract for deed signed by the seller?

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When you "get the deed" in a sale, not an L/P, you don't really get the deed, right?  You are getting the contract for deed signed by the seller?

When you purchase a property you get the deed to the property.

 

Contract For Deed - a real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller until all or a specified part of the sale price has been paid.

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