Statutory Warranty Deed Law and Legal DefinitionUSLegal, Inc Form
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People also ask
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What is the difference between a warranty deed and a statutory warranty deed in Washington state?
A statutory deed is very similar to a warranty deed, but the difference between a statutory deed and a warranty deed is that statutory deeds do not guarantee ownership. Instead statutory deeds “assume ownership” like a quitclaim.
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What is the main purpose of a warranty deed?
A warranty deed is a legal real estate document that protects the buyer and ensures that the seller holds a clear title to the property, has no outstanding liens or mortgages, and there will be no future claim to the title of the property.
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What is the difference between a statutory warranty deed and a special warranty deed in Florida?
Generally, statutory warranty deeds are used for residential property sales, and special warranty deeds are used for commercial property sales. Therefore, you'll probably decide whether to use a statutory vs. special warranty deed in Florida based on the type of property involved.
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Which is the most common deed used in Washington to transfer real property?
General Warranty Deed. A general warranty deed is also called a statutory warranty deed, or just a warranty deed. This is the type of deed most commonly used in Washington real estate transactions.
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What is the most common type of warranty deed?
A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete “chain of ownership”; and.
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What is the main purpose of a warranty deed?
A warranty deed is a legal real estate document that protects the buyer and ensures that the seller holds a clear title to the property, has no outstanding liens or mortgages, and there will be no future claim to the title of the property.
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Who benefits the most from a warranty deed?
Who Benefits the Most from Recording a Warranty Deed? The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
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