A special warranty deed form is a real estate document. This document is used by the property seller during the time when the property was under his care and ownership to affirm or guarantee to take care of any losses or liabilities that may arise. This deed releases him from those responsibilities that came into being before he assumed ownership of the particular piece of property.
Moreover, some other names of special warranty deed form assume in different states and jurisdictions are;
- Grant deeds
- Covenant deeds
- Statutory warranty deeds
- Limited warranty deeds
Special warranty deed vs. other deeds:
Other than the special warranty deed, there are two most common deeds these are the ‘quitclaim deed’ and the ‘general warranty deeds.’ Here are the differences between the special warranty deed and these two deeds;
Special warranty deed vs. Quitclaim deed
A special warranty deed exists firstly to exempt the seller of property from any loss or any liability that may arise before he assumed ownership. On the other hand, the quitclaim deed transfers any interests that the property owner may have over a particular piece of property to another individual.
Special warranty deed vs. General warranty deed
A special warranty deed exists firstly to exempt the seller of property from any loss or any liability that may arise before he assumed ownership. On the other hand, the general warranty deed indicates that the person who now owns the property has the authority to transfer it to a third party.
Special Warranty Deed Form
Free Printable Special Warranty Deed Form
Sample Warranty Deed Form Template
Limited Warranty Deed Form
Florida Special Warranty Deed Form
Fillable Special Warranty Deed Form
Corporation Form Warranty Deed
Uses of special warranty deed:
Transfer of property
You need a special warranty deed in order to transfer a piece of property from one party to another. This document acts as evidence that the said piece of the property actually belongs to you. Furthermore, all over the world, it is also accepted by many jurisdictions and authorities. You may also like New Construction Home Warranty Template.
We have stated above that this document exempts the property owner from any risks or liabilities that arose before he assumed ownership of the said piece. In case, a new owner discovers any flaw in the property and this flaw was originated earlier then you will not have to pay any compensation at all.
Vouches for Ownership
This document serves as evidence of ownership of a piece of property. The role of the title deed or log books is not in and of itself intended to do so though. So, you can use it to indicate course your ownership of a piece of property.
The special warranty deed may be used when a dispute with regards to property ownership spills over to the courtroom. It may act as an exhibit and proof of ownership. In addition, it may influence the outcome of a court case significantly.
A special warranty deed acts ownership of a particular piece of property. It may also act as collateral. To secure loans from banks and other financial institutions, you can also use it. Also, bear in mind that this deed may not be accepted by any other financial institution though.
In conclusion, a special warranty deed forms is a legal document that releases the property seller from any liabilities that may have existed before he assumed ownership of the said piece. You should also seek the intervention of a qualified attorney before submitting this document.of the special warranty deed form